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Allerton Company acquires all of Deluxe Company's assets and liabilities for cash...

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Accounting

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Allerton Company acquires all of Deluxe Company's assets and liabilities for cash on January 1, 2018, and subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for the Deluxe Company accounts Book Fair Values Values Current assets Building Land Trademark Goodwill Liabilities Common stock Retained earnings $ 46,750 46,750 100,750 57,850 35,350 38,000 15,750 23,000 (51,250) (51,250) (100,000) (35,000) 1&2. Prepare Allerton's entry to record its acquisition of Deluxe in its accounting records assuming the following cash exchange amounts: $165,500 and $102,500. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 2 Record the acquisition of Delex assuming the cash exchange of $165,500 Note: Enter debits before credits Transaction General Journal Debit Credit

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