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i need help finding the GoodWill and finishing the rest of the problem please !! On July 1, 2017, Pronghorn Corporation purchased Young Company by
i need help finding the GoodWill and finishing the rest of the problem please !!
On July 1, 2017, Pronghorn Corporation purchased Young Company by paying $260,600 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash $50,100 $203,000 Accounts receivable Accounts payable Stockholders' equity 91,300 241,800 Inventory 103,000 $444,800 Land 41,900 Buildings (net) Equipment (net) 76,100 70,600 Trademarks 11,800 $444,800 The recorded amounts all approximate current values except for land (fair value of $63,000), inventory (fair value of $127,800), and trademarks (fair value of $16,800). V (a) Prepare the July 1 entry for Pronghorn Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cash 50100 Accounts Receivable Inventory 91300 127800Step by Step Solution
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