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value 7.50 points The Larisa Company is coming out of reorganization with the following accounts Receivables Inventory Buildings Liabilities Common stock Additional paid-in capital Retained

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value 7.50 points The Larisa Company is coming out of reorganization with the following accounts Receivables Inventory Buildings Liabilities Common stock Additional paid-in capital Retained earnings (deficit) Book Value $ 88,000 208,000 308,000 308,000 338,000 36,000 78,000 Fair Value $106,000 226,000 416,000 308,000 The company's assets have a $828,000 reorganization value. As part of the reorganization, the company's owners transferred 75 percent of the outstanding stock to the creditors Prepare the journal entry that is necessary to adjust the company's records to fresh start accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 01 108,0000 Buildings Goodwill Inventory Receivables a 80,000 18,000 18,000 Retained earnings Additional paid-in capital 78,000 182,000

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