Grouper Industries purchased all the following assets and liabilities of Protector Goods for $936,000 cash: Accounts Receivable Inventory Property, Plant & Equipment (net) Land Accounts Payable Notes Payable Account Titles and Explanation Book Value Fair Value + $114,000 90,000 539,000 160,000 83,000 119,000 $114,000 98,000 Debit 663,000 180,000 Prepare the appropriate journal entries for Grouper Industries on acquisition. (If no entry is required, select "No Entry" for the ccount titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 83,000 119,000 Credit
Grouper Industries purchased all the following assets and liabilities of Protector Goods for $936,000 cash: Accounts Receivable Inventory Property, Plant & Equipment (net) Land Accounts Payable Notes Payable Account Titles and Explanation Book Value Fair Value + $114,000 90,000 539,000 160,000 83,000 119,000 $114,000 98,000 Debit 663,000 180,000 Prepare the appropriate journal entries for Grouper Industries on acquisition. (If no entry is required, select "No Entry" for the ccount titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 83,000 119,000 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Grouper Industries purchased all the following assets and liabilities of Protector Goods for $936,000 cash:
Accounts Receivable
Inventory
Property, Plant & Equipment (net)
Land
Accounts Payable
Notes Payable
Book Value
Account Titles and Explanation
$114,000
90,000
539,000
160,000
83,000
119,000
Fair Value
Debit
$114,000
98,000
663,000
180,000
83,000
Prepare the appropriate journal entries for Grouper Industries on acquisition. (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 amount is entered. Do not
indent manually. List all debit entries before credit entries.)
119,000
Credit
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