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need help with this problem On July 1, 2023, Bridgeport Corporation purchased the net assets of Soorya Company by paying ( $ 448,000 ) cash
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On July 1, 2023, Bridgeport Corporation purchased the net assets of Soorya Company by paying \\( \\$ 448,000 \\) cash and issuing a \\( \\$ 46,700 \\) note payable to Soorya At July 1, 2023, the statement of financial position of Soorya was as follows: The recorded amounts all approximate current values except for land (worth \\( \\$ 60.000 \\) ), irventory (worth \\( \\$ 137.100 \\) ), and trademarks (worthless). The receivables are shown net of an allowance for expected credit losses of \\( \\$ 11,000 \\). The amounts for buildings. equiprnent, and trademarks are shown net of accumulated amortization of \\( \\$ 23,000, \\$ 28,000 \\), and \\( \\$ 49,000 \\), respectively. Prepare the July 1, 2023 entry for Bridgeport to record the purchase. (Credit occount titles are automatically indented when the 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, List all debit entries before credit entries.) Step by Step Solution
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