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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Account Titles and Explanation
Debit
Credit

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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