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Allerton Company acquires all of Deluxe Companys assets and liabilities for cash on January 1,2021,...

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Accounting

Allerton Company acquires all of Deluxe Companys assets and liabilities for cash on January 1,2021, and subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for the Deluxe Company accounts:
Book
Values Fair
Values
Current assets $ 46,750 $ 46,750
Building 100,75057,850
Land 15,75035,350
Trademark 038,000
Goodwill 23,000?
Liabilities (51,250)(51,250)
Common stock (100,000)
Retained earnings (35,000)
1&2. Prepare Allertons entry to record its acquisition of Deluxe in its accounting recor

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