On 1/1/2020, ABC Corporation balance sheet included the following accounts: Patents $100,000, Bonds Payable $40,000, Common Stock $10,000, Retained Earnings $50,000. Book values of assets and liabilities were equal to their fair values. XYZ Corporation acquired 100% of the common stock of ABC Corporation on 1/1/2020 for $120,000 Cash. Which of the following entries was prepared to record the acquisition on XYZ's books? Patents? [Debit or credit by what amount] Bonds Payable? [Debit or credit by what amount] Cash? [Debit or credit by what amount] Investment in Subsidiary? [Debit or credit by what amount] Goodwill? [Debit or credit by what amount] Gain on Acquisition of Business? [Debit or credit by what amount]
On 1/1/2020, ABC Corporation
Patents? [Debit or credit by what amount]
Bonds Payable? [Debit or credit by what amount]
Cash? [Debit or credit by what amount]
Investment in Subsidiary? [Debit or credit by what amount]
Gain on Acquisition of Business? [Debit or credit by what amount]
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