Pony Acquired Spur Corporation's Assets and Liabilities for $500,000 Cash

question 12

Essay

Pony acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31,2010.Spur dissolved on the date of the acquisition.Spur's balance sheet and related fair values are shown as of that date,below.
Required: Prepare the journal entry recorded by Pony as a result of this transaction.

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