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

question 43

Essay

Pony acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31,2013.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:

Ligands

Molecules that bind to other (usually larger) molecules, often to a protein or receptor, causing a response or interaction.

Receptor Sites

Specific locations on a cell surface or within a cell that are designed to bind with particular substances like hormones, neurotransmitters, or drugs.

Ligands

Molecules that bind to other (usually larger) molecules, often to signal or trigger a biochemical response.

Integrins

A family of transmembrane receptors that facilitate cell-extracellular matrix adhesion, critical for cellular signaling and regulation of cell cycle, shape, and motility.