Sagar Grouper Industries purchased all the following assets and liabilities of Protector Goods for $936,000 cash:Accounts ReceivableInventoryProperty, Plant & Equipment (net)LandAccounts PayableNotes PayableBook ValueAccount Titles and Explanation$114,00090,000539,000160,00083,000119,000Fair ValueDebit$114,00098,000663,000180,00083,000Prepare the appropriate journal entries for Grouper Industries on acquisition. (If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do notindent manually. List all debit entries before credit entries.)119,000Credit

Journal entry is an art of recording, classifying and summarizing the business transactions in…

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

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.1AP

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