Geller Electronics Paid $200,000 to Acquire Tabletz Company,an Electronic Gadget-Advertising

question 132

Essay

Geller Electronics paid $200,000 to acquire Tabletz Company,an electronic gadget-advertising website.At the time of the acquisition,Tabletz's balance sheet reported total assets of $200,000 and liabilities of $100,000.The fair market value of Tabletz's assets was $200,000.The fair market value of its liabilities was $100,000.Journalize the acquisition of Tabletz in the books of Geller Electronics.Omit explanation.