On July 1, 2021 Brigham Corp purchased Young Co by paying $600,000 in cash and...
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Accounting
On July 1, 2021 Brigham Corp purchased Young Co by paying $600,000 in cash and issuing a $250,000 note to Mr. Young. At July 1, 2021 the Balance Sheet of Young Company was as follows. The recorded amounts all are current values except for land (FV 85,000) inventory (FV135,000) and trademarks (FV 23,000). Prepare the entry to record the purchase
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