Samantha's Sporting Goods Had Net Assets Consisting of the Following

question 3

Essay

Samantha's Sporting Goods had net assets consisting of the following:
$\begin{array}{lll}&\text { Book Value }&\text { Fair Value }\\\text { Cash } & \$ 150,000 & \$ 150,000 \\\text { Inventory } & 820,000 & 960,000 \\\text { Building and Fixtures } & 330,000 & 310,000 \\\text { Liabilities } & (90,000) & (88,000)\end{array}$ Pedic Incorporated purchased Samantha's Sporting Goods,and immediately dissolved Samantha's as a separate legal entity.
Requirement 1: If Samantha's was purchased for $1,000,000 cash,prepare the entry recorded by Pedic.
Requirement 2: If Samantha's was purchased for $1,500,000 cash,prepare the entry recorded by Pedic.

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Definitions:

Moral Boundaries

The limits that define acceptable behavior and values within a society or group.

Labeling Theory

A sociological perspective emphasizing that the labels society applies to individuals or groups significantly influence their social identity and behavior.

Deviant Behaviors

Actions or behaviors that violate social norms or values, ranging from minor infractions to serious crimes.

Structural Strain Theory

A sociological theory that views deviance as the result of a disconnect between societal goals and the means available to achieve them.