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Homework answers / question archive / Spur Corporation reported the following balance sheet amounts on December 31, 20X1: Balance Sheet Item Historical Cost Fair Value Assets Cash & Receivables $ 59,000 $ 36,000 Inventory 105,000 145,000 Land 43,000 20,000 Plant & Equipment 417,000 333,000 Less: Accumulated Depreciation (151,000 ) Patent 120,000 Total Assets $ 473,000 $ 654,000 Liabilities and Equities Accounts Payable $ 69,000 $ 74,000 Common Stock 184,000 Additional Paid-In Capital 16,000 Retained Earnings 204,000 Total Liabilities & Equities $ 473,000 Required: Blanket acquired Spur Corporation's assets and liabilities for $671,000 cash on December 31, 20X1
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Spur Corporation reported the following balance sheet amounts on December 31, 20X1: |
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Balance Sheet Item |
Historical Cost |
Fair Value |
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Assets |
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Cash & Receivables |
$ |
59,000 |
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$ |
36,000 |
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Inventory |
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105,000 |
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145,000 |
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Land |
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43,000 |
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20,000 |
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Plant & Equipment |
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417,000 |
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333,000 |
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Less: Accumulated Depreciation |
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(151,000 |
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Patent |
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120,000 |
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Total Assets |
$ |
473,000 |
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$ |
654,000 |
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Liabilities and Equities |
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Accounts Payable |
$ |
69,000 |
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$ |
74,000 |
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Common Stock |
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184,000 |
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Additional Paid-In Capital |
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16,000 |
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Retained Earnings |
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204,000 |
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Total Liabilities & Equities |
$ |
473,000 |
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Required: |
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Blanket acquired Spur Corporation's assets and liabilities for $671,000 cash on December 31, 20X1. Prepare the entry that Blanket made to record the purchase. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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