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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Definitions:

Pathogens

Microorganisms that cause disease in their host, including bacteria, viruses, fungi, and parasites.

Breast Cancer

A type of cancer originating from breast tissue, commonly affecting women but can also occur in men.

Stage II

A classification often used to describe a moderate severity or second phase in various contexts, such as cancer progression, heart failure, or developmental stages.

Cancer Cells

Abnormal cells that grow uncontrollably and can spread to other parts of the body, forming tumors or affecting normal bodily functions.