Dupe Industries Purchased the Net Assets of Sort Company for $1,100,000

question 62

Essay

Dupe Industries purchased the net assets of Sort Company for $1,100,000 cash .A schedule of the net assets of Sort Company,as recorded on Sort Company's books at the time of the acquisition,is as follows:


The following schedule shows the differences between the recorded costs and market values of the assets of Sort Company at the date of the acquisition:

Prepare the journal entry to record this acquisition using the acquisition method prescribed by SFAS 141R,,"Business Combinations."

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