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can you please solve the C part the part A is solved i need the answers with calculation of part C On July 1, 2020.
can you please solve the C part the part A is solved i need the answers with calculation of part C
On July 1, 2020. Blue Spruce Corporation purchased the net assets of Soorya Company by paying $454.000 cash and issuing a $50,300 note payable to Soorya Company. At July 1.2020, the statement of financial position of Soorya Company was as follows: Accounts payable Soorya, capital Total $314.900 239.000 $553.900 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks (net) Total $75.100 116,000 96,300 49,000 75.100 93.300 49.100 $553,900 The recorded amounts all approximate current values except for land (worth $60,200), inventory (worth $135 2001, and trademarks (worthless). The receivables are shown niet of an allowance for doubtful accounts of $11,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $15.000, $31,000, and $55.000. respectively, Prepare the July 1, 2020 entry for Blue Spruce Corporation to record the purchase. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit July 1, 2020 75,100 Accounts Recevable 127,000 Inventory 135,200 Land 60 200 Buildings 75.100 Equipment 93,300 dood 264,300 Allowance for Doubtful Accounts 11.00 Cash 454 000 Notes Payable 50.800 Accounts Payable 314,900 Prepare the July 1, 2020 entry for Blue Spruce Corporation to record the purchase. Assume that the purchase price was $200,600, all paid in cash. (Credit account titles are automatically indented when the amounts entered. Do not indent manually) Date Account Titles and Explanation Debit Credit July 1. 2020Step by Step Solution
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