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On January 1,2023, AMI Corporation purchased the non-cash net assets of Ayayai Ltd. for $8,375,100....

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Accounting

On January 1,2023, AMI Corporation purchased the non-cash net assets of Ayayai Ltd. for $8,375,100. Following is the statement of financial position of Ayayai Ltd. from the company's year-end the previous day:
Ayayai LTD.
Statement of Financial Position
As at December 31,2022
Cash
$620,000
Accounts receivable
560,000
Inventory
2,570,000
Property, plant, and equipment (net)2,110,000
Land
Accounts payable
Common shares
2,560,000
Retained earnings
5,540,000$8,470,000
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