MontyCorporation purchased the net assets of Wildhorse Corporation on January 2, 2020 for $ 621,600 and also paid $ 22,200 indirect acquisition costs. Wildhorse's balance sheet on January 1, 2020 was as follows:Accounts receivable-netInventoryLandBuilding-netEquipment-netTotal assets$ 199,800399,60044,40066,60088,800$799,200Current liabilitiesLong term debtCommon stock ($1 par)Paid-in capitalRetained earningsTotal liab. & equity$ 77,700177,60022,200477,30044,400$799,200Fair values agree with book values except for inventory, land, and equipment, which have fair values of $ 439,600, $ 54,400 and $78,800, respectively. Wildhorse has patent rights valued at $ 22,200. (b)Assume Monty Corporation purchased the net assets of Wildhorse Corporation for $561,600 rather than $621,600, prepare thegeneral journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationDebitCredit

It has been given in the question that Monty Corporation has purchased the net assets of the…

Assume Monty Corporation purchased the net assets of Wildhorse Corporation for $561,600 rather than $621,600, prepare the general journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation < > > > Debit Credit

Assume Monty Corporation purchased the net assets of Wildhorse Corporation for $561,600 rather than $621,600, prepare the general journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation < > > > Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please don't give image format
On January 1, 2022, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Sept. 1 Acquired a 9-year franchise; expiration date July 1, 2,031, $576,000. Research and development costs $178,500.
Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3
PLEASE DO NOT PROVIDE HAND WRITTEN ANSWER
None
please help...need help finding noncash assets
3)
Please don't provide answer in image format thank you.
Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Please don't give image format
Please Do not Give Image Format