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Allerton Company acquires all of Deluxe Company's assets and liabilities for cash on January 1,2024,...

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Accounting

Allerton Company acquires all of Deluxe Company's assets and liabilities for cash on January 1,2024, and Journal entry worksheet
Record the acquisition of Deluxe assuming the cash exchange of $96,000.
Note: Enter debits before credits.
subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for
the Deluxe Company accounts:
Required:
a. and b. Prepare Allerton's journal entry to record its acquisition of Deluxe in its accounting records assuming the
following cash exchange amounts: $166,000 and $96,000.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet
Record the acquisition of Deluxe assuming the cash exchange of $166,000.
Note: Enter debits before credits.
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