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just b and d Arizona Corporation acquired the business Data Systems for $295,000 cash and assumed all liabilities at the date of purchase. Data's books
just b and d
Arizona Corporation acquired the business Data Systems for $295,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $290,000, liabilitles of $14,000, and stockholders' equity of $276,000. An appraiser assessed the falr market value of the tangible assets at $285,000 and liabilities at $14,000 at the date of acquisition. Arizona Corporation's financial condition just prior to the acquisition is shown in the following statements model. Balance sheet Income Statement sota Tangible aseta NA Canh 490,000 + Goodwill NA Liabilities NA Stockholders Equity 490,000 Revenue MA Expenses NA Statement of Cash Tlow NA Net Tocon SA + Required a. Compute the amount of goodwill acquired. b. Record the acquisition in a financial statements model. Arizona Corporation's financial condition just prior to the acquisition is shown In the financial statements model. d. Record the acquisition in general journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required D Record the acquisition in a financial statements model. Arizona Corporation's financial condition just prior to the acquisition is shown in a horizontal statements Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an ele event. Enter any decreases to account balances and cash outlows with a minus sign) ARIZONA CORPORATION Horizontal Statements Model Balance Sheet Income Statement Step by Step Solution
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