Saveed Corporation Purchased the Net Assets of Penny Inc

question 27

Essay

Saveed Corporation purchased the net assets of Penny Inc.on January 2,2013 for $1,690,000 cash and also paid $15,000 in direct acquisition costs.Penny dissolved as of the date of the acquisition.Penny's balance sheet on January 2,2013 was as follows:

Fair values agree with book values except for inventory,land,and equipment,which have fair values of $640,000,$140,000 and $230,000,respectively.Penny has customer contracts valued at $20,000.
Required:
Prepare Saveed's general journal entry for the cash purchase of Penny's net assets.

Grasp the significance of the Charter in guaranteeing rights for Canadians and its influence on employment law.

Identify the role of HR professionals in complying with human rights investigation processes and the consequences of obstruction.

Appreciate the goals and steps involved in effectively implementing employment equity within organizations.

Understand the concept and purpose of targeted recruitment as a special measure to address employment inequities.

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Definitions:

Unit Costs

The expenses a company faces to manufacture, warehouse, and market a single unit of a specific product or service.

Outliers

Data points that lie significantly outside the range of the rest of the data, often indicating a variance from the norm that could warrant further investigation.

Missing Data

Refers to the absence of data points or information in datasets, which can lead to challenges in analysis and decision-making.

Fixed Fee

A pricing strategy where a single fixed amount is charged for a service regardless of usage or time required.