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The balance sheet of Adler Interior Design reported assets of $62,000 and liabilities of $12,500. The fair values of those assets and liabilities were $93,000
The balance sheet of Adler Interior Design reported assets of $62,000 and liabilities of $12,500. The fair values of those assets and liabilities were $93,000 and $12,000, respectively. Walker Enterprises paid Adler $87,000 to acquire all of its assets and liabilities. Walker's journal entry to record this purchase should include: Credit to common stock for $81,000 O Debit to goodwill for $37,500 Debit to goodwill for $6,000 Debit to common stock for $87,000
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