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Starvin' Marvin wants to purchase Eddie's Eats. The following information is available for Eddie's from the balance sheet: Accounts Receivable 100,000 Accounts Payable 150,000 Inventory
Starvin' Marvin wants to purchase Eddie's Eats. The following information is available for Eddie's from the balance sheet: Accounts Receivable 100,000 Accounts Payable 150,000 Inventory 300,000 Note Payable 200,000 Building 650.000 Common Stock 300,000 Accumulated Depreciation (250,000) Retained Earnings 150,000 The Company estimates that the Accounts Receivable are worth $75,000, the inventory is worth $350,000, and the building is worth $700,000. Everything else is worth its book value. Marvin will pay $1,500,000 for Eddie's Eats. Record the journal entry for this purchase. Account name Debit Credit Description
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