The following book and fair values were available for Westmont Company as of March 1 Book Value Fair Value Inventory $ 350,000 $ 298,250 Land 820,500 1,085,250 Buildings 2,040,000 2,361,000 Customer relationships 0 871,500 Accounts payable (105,000) (105,000) Commom stock (2,000,000) Additional paid-in capital (500,000) Retained earnings 1/1 (425,500) Revenues (496,000) Expenses 316,000 Aturo pays cash of $4,380,000 to acquire Westmont. No stock is issued and Aturo pays $48,000 for legal fees to complete the transaction. Prepare Aturo's journal entry to record its acquisition of Westmont. Juornal entry worksheet
The following book and fair values were available for Westmont Company as of March 1
Book Value Fair Value
Inventory $ 350,000 $ 298,250
Land 820,500 1,085,250
Buildings 2,040,000 2,361,000
Customer relationships 0 871,500
Accounts payable (105,000) (105,000)
Commom stock (2,000,000)
Additional paid-in capital (500,000)
Revenues (496,000)
Expenses 316,000
Aturo pays cash of $4,380,000 to acquire Westmont. No stock is issued and Aturo pays $48,000 for legal fees to complete the transaction.
Prepare Aturo's
Juornal entry worksheet
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