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Y Corp. pucaseg mener assets of Cranston Company on December 31, 2020 for $916,000. The...

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Accounting

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Y Corp. pucaseg mener assets of Cranston Company on December 31, 2020 for $916,000. The following is Dettance sheet for Cranston Company on that date Cranston Company Balance Sheet As at December 31, 2020 Assets Libilities & SH Equity Accounts Recervable Inventory Long Term Investments Plant & Equipment (net) $340,000 100,000 120,000 360 000 $920.000 Accounts Payable Bonds Payable Common Stock Retamed Earnings $120,000 250,000 10.000 540,000 $920.000 Additional data: 1. The inventory is overvalued by $10,000 2 The long-term investments are undervalued by 575,000 3. The plant & equipment is overvalued by $45,000 4 All other assets and abilities have fair values that are equal to their carrying amounts. Restate net assets at histoncal cost to fair market value 2 A B 9 ce F5 F6 SA F7 FB F9 11 12

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