Question
Metlock Industries purchased all the following assets and liabilities of Protector Goods for $906,000 cash: Book Value Fair Value Accounts Receivable $136,000 $136,000 Inventory 83,000
Metlock Industries purchased all the following assets and liabilities of Protector Goods for $906,000 cash:
| Book Value | Fair Value | |||
| Accounts Receivable | $136,000 | $136,000 | ||
| Inventory | 83,000 | 91,000 | ||
| Property, Plant & Equipment (net) | 519,000 | 644,000 | ||
| Land | 148,000 | 170,000 | ||
| Accounts Payable | 89,000 | 89,000 | ||
| Notes Payable | 108,000 | 108,000 |
Prepare the appropriate journal entries for Metlock Industries on acquisition.
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Accounting
Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian Edition volume 2
013269008X, 978-0133122855, 133122859, 978-0132690089
