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Banjo Motors is a successful company that operates in the used vehicles trade. It recently acquired another company, closing its operations, for a lump sum
Banjo Motors is a successful company that operates in the used vehicles trade. It recently acquired another company, closing its operations, for a lump sum charge of $3,250,000. The following assets were acquired, as a lump sum package, with the seller's book valuation for each asset. Before taking possession of the assets, Banjo Motors sought and received the following expert valuation for each asset category: Banjo Motors paid legal fees and other costs of $18,500 to complete the formalities of the purchase. Using the above required data, prepare the general journal to post the purchased assets into the ledger of Banjo Motors
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