Grand Champion Inc. purchased Americas Sweethearts Corporation on January 1, 2016. At the time, Americas...
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Accounting
Grand Champion Inc. purchased Americas Sweethearts Corporation on January 1, 2016. At the time, Americas Sweethearts had the following assets and liabilities (stated at fair value):
Cash $63,000
Accounts receivable 142,000
Inventory 185,000
Property, plant, and equipment 300,000
Patent 75,000
Accounts payable 180,000
Notes payable 325,000
Grand Champion paid $800,000 for Americas Sweethearts.
Required: Record the purchase by Grand Champion (General Journal).
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