WileyPLUS: MyWileyPLUS | Help | Contact Us | Log Out WileyPLUS Jeter, Advanced Accounting, 6e ADVANCED ACCTG (ACC 401) CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT ASSIGNME RESOURCE Exercise 2-12A Assign Patel Company issued 105,800 shares of $1 par value common stock (market value of $6/share) for the net assets of Seely Company on January 1, 2014, in a statutory merger. Seely Company had the following assets, liabilities, ment and owners' equity at that time: (4 Exerc Book Value Tax Basis Fair Value Difference 12A Cash $19,430 $19,430 $-0- Exer Accounts receivable 116,690 116,690 -0- ise Inventory (LIFO) 84,490 139,930 55,440 2-10 Land 27,440 52,910 25,470 Exerc Plant assets (net) 391,530 466,430 74,900 2-9 Total assets $639,580 $795,390 Exerc ise Allowance for uncollectible accounts $9,210 $9,210 $-0- 2-8 Accounts payable 58 ,750 58,750 -0- Exerc 204,000 183,200 (20,800) ise Bonds payable 2-6 Common stock, $1 par value 80,920 Other contributed capital 135,140 Review Retained earnings 151,560 Score Total equities $639,580 Review Results Prepare the journal entry to record the assets acquired and liabilities assumed. Assume an income tax rate of 30%. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit by Study account titles are automatically indented when the amount is entered. Do not indent manually.) Objecti ve Account Titles and Explanation Debit CreditWileyPLUS: MyWileyPLUS | Help | Contact Us | Log Out WileyPLUS Jeter, Advanced Accounting, 6e ADVANCED ACCTG (ACC 401) CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT ASSIGNME Tax Basis Fair Value Difference RESOURCE Cash $19,430 $19,430 $-0- Assign Accounts receivable 116,690 116,690 -0- ment Inventory (LIFO) 84,490 139,930 55,440 (4 Land 27,440 52,910 25,470 Exerc Plant assets (net) 391,530 466,430 74,900 $639,580 $795,390 12A Total assets Exer Allowance for uncollectible accounts $9,210 $9,210 $-0- ise 2-10 Accounts payable 58,750 58,750 -0- Exerc Bonds payable 204,000 183,200 (20,800) ise Common stock, $1 par value 80,920 2-9 Other contributed capital 135,140 Exerc Retained earnings 151,560 ise 2 - 8 Total equities $639,580 Exerc ise Prepare the journal entry to record the assets acquired and liabilities assumed. Assume an income tax rate of 30%. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit 2-6 account titles are automatically indented when the amount is entered. Do not indent manually.) Review Account Titles and Explanation Debit Credit Score Review Results by Study Objecti ve Click if you would like to Show Work for this question: Open Show Work