record journal entries

The Big Bopper wants to purchase Chantilly Lace, Inc. The following information is available for Chantilly from the balance sheet: Accounts Receivable 300.000 Accounts Payable 50,000 Inventory 100.000 Note Payable 200,000 Building 550,000 Common Stock 300,000 Accumulated Depreciation (250,000) Retained Eamings 150,000 The Company estimates that the Accounts Receivable are worth $275,000, the inventory is worth $150.000, and the building is worth $800,000. Everything else is worth to book value. The Bopper will pay $1,200,000 for Chantilly Lace. Record the joumal entry for this purchase. Account name Debit Credit Description