Allerton Company acquires all of Deluxe Company's assets and liabilities for cash on January 1, 2018, and subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for the Deluxe Company accounts:

Book Fair

Values Values

Current assets $36,750 $36,750

Building 114,000 70,800

Land 16,000 29,500

Trademark 0 32,400

Goodwill 29,750 ?

Liabilities (61,500) (61,500)

Common stock (100,000)

Retained earnings (35,000)

1&2.Show Allerton's entry to record its acquisition of Deluxe in its accounting records assuming the following cash exchange amounts: $147,000 and $81,000.

(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal Entry Worksheet:

Record the acquisition of Delex assuming the cash exchange of $147,000

Transaction General Journal Debit Credit

1

Record the acquisition of Delex assuming the cash exchange of $81,000

Transaction General Journal Debit Credit

2