$ 62,000 138,000 185,000 300,000 65,000 200,000 325,000 Cash Accounts receivable Inventory Property, plant, and equipment Patent Accounts payable Notes payable Grand Champion paid S900,000 for America's Sweethcarts. Record the purchase by Grand Champion.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Grand Champion Inc. purchased America’s Sweethearts Corporation On January 1, 2019. At the time, America’s Sweethearts had the following assets and liabilities (stated at fair value):

$ 62,000
138,000
185,000
300,000
65,000
200,000
325,000
Cash
Accounts receivable
Inventory
Property, plant, and equipment
Patent
Accounts payable
Notes payable
Grand Champion paid S900,000 for America's Sweethcarts. Record the purchase by Grand Champion.
Transcribed Image Text:$ 62,000 138,000 185,000 300,000 65,000 200,000 325,000 Cash Accounts receivable Inventory Property, plant, and equipment Patent Accounts payable Notes payable Grand Champion paid S900,000 for America's Sweethcarts. Record the purchase by Grand Champion.
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