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.
Definitions:
Arterioles
Small branches of arteries leading into capillaries, responsible for controlling blood flow and pressure.
Phagocytic White Blood Cells
White blood cells that protect the body by ingesting harmful foreign particles, bacteria, and dead or dying cells.
White Blood Cell
Leukocyte; a blood cell with a role in housekeeping and defense. Lymphocytes are a special category of white blood cells that carry out adaptive immune responses.
Antigen-Presenting Cell
Immune cells that process and present antigens to T-cells, initiating an immune response by showing them what to attack.
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