Allerton Company acquires all of Deluxe Company's assets and liabilities for cash on January $1,2024,$ and Journal entry worksheet

Record the acquisition of Deluxe assuming the cash exchange of $$96,000.$

Note: Enter debits before credits.

subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for

the Deluxe Company accounts:

Required: $$

a$.$ and $b.$ Prepare Allerton's journal entry to record its acquisition of Deluxe in its accounting records assuming the

following cash exchange amounts: $$166,000$ and $$96,000.$

Note: 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 Deluxe assuming the cash exchange of $$166,000.$

Note: Enter debits before credits.