George Jones, owner of Jones Contracting, is negotiating the purchase of Black Hills Contracting. The balance sheet of Black Hills Contracting is given in abbreviated form. Black Hills Contracting 3 Black Hills Contracting Balance Sheet Liabilities & Stockholders' Equity $62,400 Accounts Payable $26.000 Assets 156 000 Cash Accounts Receivable Land Building (Net) S182,000 $78,000 7800 26,000 Notes Payable 39.000 Total Liabilities 104.000 Common Stock Retained Earnings Total Stockholders' 36,400 Equity Total Liabilities & S267.800 Stockholders' 85,800 Equipment (Net) Total Assets Multiple Choice Questions $267.800) Problem Problem Problem Pro 1. Prepare the journal entry to record the purchase of Black Hills Contracting George Jones, owner of Jones Contracting, is negotiating the purchase of Black Hills Contracting. The balance sheet of Black Hills Contracting is given in abbreviated form. Black Hills Contracting 3 Black Hills Contracting Balance Sheet Liabilities & Stockholders' Equity $62,400 Accounts Payable $26.000 Assets 156 000 Cash Accounts Receivable Land Building (Net) S182,000 $78,000 7800 26,000 Notes Payable 39.000 Total Liabilities 104.000 Common Stock Retained Earnings Total Stockholders' 36,400 Equity Total Liabilities & S267.800 Stockholders' 85,800 Equipment (Net) Total Assets Multiple Choice Questions $267.800) Problem Problem Problem Pro 1. Prepare the journal entry to record the purchase of Black Hills Contracting