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please answer this question as early as possible by showing all steps and calculations. On June 30, 2020. Greenwater Inc. purchased the net assets of
please answer this question as early as possible by showing all steps and calculations.
On June 30, 2020. Greenwater Inc. purchased the net assets of Blue Moon Corporation for $519,000. The balance sheet for Blue Moon Corporation at June 30, 2020 provided the following information: Assets Liabilities Cash $50,450 Accounts payable $22.375 Accounts receivable $45.180 Unearned revenue $10.600 Inventory $14,400 Shareholders' equity Equipment (at cost) $375,000 Common shares $20.950 Retained earnings $337.355 Accumulated depreciation. ($93.750) equipment Total assets $391.280 $391,280 The fair values of Blue Moon Corporations assets and abilities at June 30, 2020 are as folie The fair values of Blue Moon Corporation's assets and liabilities at June 30, 2020 are as follows: Cash $50,450 Accounts receivable $44,200 Inventory $16,700 Equipment $415,650 Accounts payable $22,375 Unearned revenue $10,600 Required: Prepare the journal entry required by Greenwater Inc. to record the purchase of the net assets of Blue Moon Corporation on June 30, 2020Step by Step Solution
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