In 2018, Walmart acquired 77 percent of Flipkart, India's leading ecommerce marketplace, for $16 billion in cash. In the deal, Walmart acquired current assets of $1.2 billion (not detailed), tradenames of $4.7 billion, and technology of $0.3 billion, and assumed $3.7 billion in liabilities (not detailed). Record the journal entry for the acquisition (in billions): Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in billions rounded to 1 decimal place, (i.e., 1,100,000,000 should be entered as 1.1).
In 2018, Walmart acquired 77 percent of Flipkart, India's leading ecommerce marketplace, for $16 billion in cash. In the deal, Walmart acquired current assets of $1.2 billion (not detailed), tradenames of $4.7 billion, and technology of $0.3 billion, and assumed $3.7 billion in liabilities (not detailed). Record the journal entry for the acquisition (in billions): Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in billions rounded to 1 decimal place, (i.e., 1,100,000,000 should be entered as 1.1).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In 2018, Walmart acquired 77 percent of Flipkart, India's leading ecommerce marketplace, for $16 billion in cash. In the deal, Walmart
acquired current assets of $1.2 billion (not detailed), tradenames of $4.7 billion, and technology of $0.3 billion, and assumed $3.7 billion
in liabilities (not detailed).
Record the journal entry for the acquisition (in billions):
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in
billions rounded to 1 decimal place, (i.e., 1,100,000,000 should be entered as 1.1).
Show less A
Transcribed Image Text:1
Record the acquistion of current assets of $1.2 billion, tradenames of $4.7
billion, and technology of $0.3 billion, and assumed $3.7 billion in liabilities
from Flipkart for $16 billion in cash.
Note: Enter debits before credits.
Transaction
1
Record entry
Account Title
Clear entry
Debit
Credit
View general journal
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