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Business, 19.12.2019 05:31 dbhuggybearow6jng

On july 1, 2020, pronghorn corporation purchased young company by paying $252,100 cash and issuing a $146,000 note payable to steve young. at july 1, 2020, the balance sheet of young company was as follows. cash $50,900 accounts payable $205,000 accounts receivable 91,600 stockholders’ equity 243,200 inventory 107,000 $448,200 land 41,600 buildings (net) 75,600 equipment (net) 69,900 trademarks 11,600 $448,200 the recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), and trademarks (fair value of $16,080). prepare the july 1 entry for pronghorn corporation to record the purchase

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On july 1, 2020, pronghorn corporation purchased young company by paying $252,100 cash and issuing a...
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