DATE debit cridet

1/1/2017

3/31/2017

ALT-RECORDING GOODWILL

	TRIAL BALANCE	DEBIT	CREDIT
	CASH
	ACCOUNTS RECEIVABLE
	INVENTORY
	LAND
	BUILDINGS
	GOODWILL
	NOTES PAYABLE
	COMMON STOCK
	TOTALS	0	0

Date	Transaction
1/1/2017	Whale Company issued 1,000,000 shares of $1.00 par common stock
	at par.
3/31/2017	Whale Company paid $600,000 to acquire Minnow Company.
	At the time of the purchase, Minnow's assets and liabilities were as follows:
	CASH	100,000
	ACCOUNTS RECEIVABLE	40,000
	INVENTORY	60,000
	LAND	80,000
	BUILDINGS	140,000
	NOTES PAYABLE	70,000
	Whale determined that the Land had a fair market value of $100,000
	and that the Building had a fair market value of $200,000.
	The other assets required no adjustment.