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Ch 1 Homework 6 Spur Corporation reported the following balance sheet amounts on December 31, 20x1 Balance Sheet Item Historical Cost Fair Value Assets

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Ch 1 Homework 6 Spur Corporation reported the following balance sheet amounts on December 31, 20x1 Balance Sheet Item Historical Cost Fair Value Assets 10 points Cash and Receivables t $50,000 $40,000 Inventory 100,000 150,000 Land 40,000 30,000 Sapped Plant and Equipment 400,000 350,000 Less: Accumulated Depreciation (150,000) Patent 130,000 Total Assets $440,000 $700,000 Liabilities and Equities Accounts Payable $80,000 $85,000 Common Stock 200,000 Additional Paid-In Capital 20,000 10 Retained Earnings 140,000 Pint $440,000 References Total Liabilities and Equities Required: Planket acquired Spur Corporation's assets and liabilities for $670,000 cash on December 31, 20X1. Give the entry that Planket made to record the purchase. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet

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