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there are 11 total entries for this question

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Account Titles and Explanation Debit Credit
Transcribed Image Text:Account Titles and Explanation Debit Credit
On July 1, 2025, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2025, the balance sheet of Young Company was as follows. Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,900 91,600 107,000 41,600 75,600 69,900 11,600 $448,200 Accounts payable Stockholders' equity $205,000 243,200 $448,200 The recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), and trademarks (fair value of $16,080).
Transcribed Image Text:On July 1, 2025, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2025, the balance sheet of Young Company was as follows. Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,900 91,600 107,000 41,600 75,600 69,900 11,600 $448,200 Accounts payable Stockholders' equity $205,000 243,200 $448,200 The recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), and trademarks (fair value of $16,080).
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