Question
Tony Company purchased assets of Billy Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:
Tony Company purchased assets of Billy Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:
| Land | $171,600 |
| Building | 514,800 |
| Equipment | 600,600 |
| Inventories | 429,000 |
Required: Prepare the journal entry to record the purchase of the assets.
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Financial Accounting
Authors: Charles T. Horngren, Jr. Harrison, Walter T.
2nd Edition
0133118207, 978-0133118209
