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Pun Corporation concluded the fair value of Slender Company was $65,000 and paid that amount to acquire its net assets. Slender reported assets with a
Pun Corporation concluded the fair value of Slender Company was $65,000 and paid that amount to acquire its net assets. Slender reported assets with a book value of $53,000 and fair value of $65.000 and liabilities with a book value and fair value of $24,000 on the date of combination. Pun also paid $12,000 to a search firm for finder's fees related to the acquisition Required: Prepare the journal entries to be made by Pun to record its investment in Slender and its payment of the finder's fees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet B A Record the acquisition of assets. Note: Enter debits before credits General Journal Debit Credit Event 1 Journal entry worksheet
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