The following information pertains to Questions
Telecom Inc has decided to purchase the shares of Intron Inc.for $300,000 in Cash on July 1,2009.On the date,the balance sheets of each of these companies were as follows: 
On that date,the fair values of Intron's Assets and Liabilities were as follows: 
-Assume that Intron's Assets and Liabilities were purchased instead of its shares for $300,000.Prepare the journal entry to record this purchase.
Definitions:
Deductible
The amount paid out of pocket by the policyholder before an insurance company pays a claim.
Predetermined Amount
A specific quantity or sum set in advance.
Group Insurance
An insurance policy that covers multiple people under one contract, typically offered by employers, associations, or organizations.
Employer
An individual or organization that hires and pays for the services of workers under an expressed or implied contract of employment.
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