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On January 1, 20X1, Honey Bee Corporation purchased the net assets of Green Hornet Company...

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Accounting

On January 1, 20X1, Honey Bee Corporation purchased the net assets of Green Hornet Company for $1,500,000. On this date, a condensed balance sheet for Green Hornet showed: Book Fair Value Value Current Assets $ 500,000 $800,000 Long-Term Investments in Securities 200,000 150,000 Land 100,000 600,000 Buildings (net) 700,000 900,000 $1,500,000 Current Liabilities $ 300,000 $300,000 Long-Term Debt 550,000 600,000 Common Stock (no-par) 300,000 Retained Earnings 350,000 $1,500,000 Required: Record the entry on Honey Bee's books for the acquisition of Green Hornet's net assets.

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