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help with journal entries, thank you On January 1, 2024, Blue Spruce Company acquired all the assets and assumed all the liabilities of Crane Company
help with journal entries, thank you
On January 1, 2024, Blue Spruce Company acquired all the assets and assumed all the liabilities of Crane Company and merged Crane into Blue Spruce. In exchange for the net assets of Crane, Blue Spruce gave its bonds payable with a maturity value of $574,000, a stated interest rate of 10%, interest payable semiannually on June 30 and December 31 , a maturity date of January 1,2034, and a yield rate of 12%. Balance sheets for Blue Spruce and Crane (as well as fair value data) on January 1,2024, were as follows: Prepare the joumal entry on the books of Blue Spruce Company to record the acquisition of Crane Company's assets and liabilities in exchange for the bonds. (Round present value factor calculations to 5 decimal ploces, e\& 1.2 .5124 and fonal answers to 0 decimal places e\& 5,275 . Credit account tibles are automatically indented when the arnount is entered. Do not indent manually. If no entry is required, select "No Entsy" for the account titles and enter Ofor the amounts (ist all debit entries before credit entries) Total equities Step by Step Solution
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