I can only use the spaces provided (13 rows. They all have to be filled and I can't delete anything. I started the journal entry but I think it is wrong--I can't make it fit.

On September 1, 20X1, Apple Corporation purchased Grumpy Company by paying $287,500 cash and issuing a $75,000 note payable to Steve Grumpy. At September 1, 20X1, the balance sheet of Grumpy Company was as follows. All accounts have normal balances.
	Cash	$ 37,500		Accounts Payable		$ 150,000
	Receivables	67,500		Mortgage Payable		225,000
	Office Supplies	3,500		Common Stock		125,000
	Inventory	75,000		Treasury Stock		(2,500)
	Land	135,000		Retained Earnings		35,300
	Buildings	156,250		Total Liabilities & Equity		$ 532,800
	Accum. Deprec-Building	(36,500)
	Equipment	152,500
	Accum. Deprec-Equip	(65,450)
	Copyrights	7,500
	Total Assets	$ 532,800

The recorded amounts all approximate current (market and book) values except for land (worth $145,000), inventory (worth $93,750), and copyrights (worth $11,250).

Hint: Accumulated depreciation does not carry forward subtract from related asset to obtain book value or use fair value if given.

Instructions

Prepare the ONE (1) September 1 entry for Apple Corporation to record the purchase of Grumpy Company. Use the journal on the next page. Use the proper journal format when recording. i.e., all debits listed first, all credits indented and listed last. You will not run out of room, but you will use all lines provided.

Date	Account title	Debit	Credit
Sept 1	Cash	37,500
	Receivables	67,500
	Office Supplies	3,500
	Inventory	93,750
	Land	145,000
	Buildings	119,750
	Equipment	87,050
	Copyrights	11,250
	Goodwill?	172,200
	Accounts Payable?		150,000
	Mortgage Payable?		225,000
	Cash?