llerton Company acquires all of Deluxe Companys assets and liabilities for cash on January 1, 2018, and subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for the Deluxe Company accounts:

	Book Values				Fair Values
Current assets	$	46,750			$	46,750
Building		100,750				57,850
Land		15,750				35,350
Trademark		0				38,000
Goodwill		23,000				?
Liabilities		(51,250	)			(51,250	)
Common stock		(100,000	)
Retained earnings		(35,000	)

1&2. Prepare Allertons entry to record its acquisition of Deluxe in its accounting records assuming the following cash exchange amounts: $165,500 and $102,500. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1

Record the acquisition of Delex assuming the cash exchange of $165,500

2

Record the acquisition of Delex assuming the cash exchange of $102,500

Transaction	General Journal	Debit	Credit
1