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    "url": "\/study-help\/questions\/on-july-1-2020-ayayai-corporation-purchased-young-company-by-4267466",
    "question_creation_date_js": "2024-06-28T07:51:42-04:00",
    "question_creation_date": "Jun 28, 2024 07:51 AM",
    "meta_title": "[Solved] On July 1, 2020, Ayayai Corporation purch | SolutionInn",
    "meta_description": "Answer of - On July 1, 2020, Ayayai Corporation purchased Young Company by paying $257,800 cash and issuing a $139,000 note payabl | SolutionInn",
    "meta_keywords": "july,1,2020,ayayai,corporation,purchased,young,company,paying,$257,800,cash,issuing",
    "question_title_h1": "On July 1, 2020, Ayayai Corporation purchased Young Company by paying $257,800 cash and issuing a $139,000 note payable to Steve Young. At July 1,",
    "question_title": "On July 1, 2020, Ayayai Corporation purchased Young Company by paying $257,800",
    "question_title_for_js_snippet": "On July 1, 2020, Ayayai Corporation purchased Young Company by paying $257,800 cash and issuing a $139,000 note payable to Steve Young  At July 1, 2020, the balance sheet of Young Company was as follows  Cash $51,600 Accounts payable $207,000 Accounts receivable 89,700 Stockholders' equity 238,700 Inventory 106,000 $445,700 Land 40,600 Buildings (net) 75,600 Equipment (net) 71,000 Trademarks 11,200 $445,700 The recorded amounts all approximate current values except for land (fair value of $64,500), inventory (fair value of $125,100), and trademarks (fair value of $15,120)  Collapse question part (a) Prepare the July 1 entry for Ayayai 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 0 for the amounts ) Account Titles and Explanation Debit Credit enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount",
    "question_description": "<p>On July 1, 2020, Ayayai Corporation purchased Young Company by paying $257,800 cash and issuing a $139,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows.<\/p> <p> <\/p> <p>Cash $51,600 Accounts payable $207,000<\/p> <p>Accounts receivable 89,700 Stockholders' equity 238,700<\/p> <p>Inventory 106,000 $445,700 <\/p> <p>Land 40,600<\/p> <p>Buildings (net) 75,600<\/p> <p>Equipment (net) 71,000<\/p> <p>Trademarks 11,200<\/p> <p> $445,700<\/p> <p> <\/p> <p>The recorded amounts all approximate current values except for land (fair value of $64,500), inventory (fair value of $125,100), and trademarks (fair value of $15,120).<\/p> <p> <\/p> <p> <\/p> <p> <\/p> <p>Collapse question part<\/p> <p>(a)<\/p> <p>Prepare the July 1 entry for Ayayai 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 0 for the amounts.)<\/p> <p> <\/p> <p>Account Titles and Explanation Debit Credit<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount <\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p> <p>enter an account titleenter an account title enter a debit amountenter a debit amount enter a credit amountenter a credit amount<\/p>",
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        "title": "Income Tax Fundamentals 2013",
        "isbn": "1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516",
        "edition": "31st Edition",
        "authors": "Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill",
        "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1124.jpg",
        "uri": "\/textbooks\/income-tax-fundamentals-2013-31st-edition-9781285586618",
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    "question_posted": "2024-06-28 07:51:42",
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