question archive Accounting for intangible Assets (Goodwill On January 1, 2018, InterGalactic Company purchased the following assets and liabilities from Immensity Company for $325,000: Carrying Amount Fair Market Value Inventory $ 60,000 $ 70,000 Building 100,000 130,000 Land 70,000 90
Accounting for intangible Assets (Goodwill On January 1, 2018, InterGalactic Company purchased the following assets and liabilities from Immensity Company for $325,000: Carrying Amount Fair Market Value Inventory $ 60,000 $ 70,000 Building 100,000 130,000 Land 70,000 90
Subject:AccountingPrice:2.84 Bought4
Accounting for intangible Assets (Goodwill On January 1, 2018, InterGalactic Company purchased the following assets and liabilities from Immensity Company for $325,000: Carrying Amount Fair Market Value Inventory $ 60,000 $ 70,000 Building 100,000 130,000 Land 70,000 90.000 Accounts receivable 30,000 30,000 Accounts payable (15,000) (15,000) Required: Prepare a journal entry to record the purchase of Immensity by InterGalactic.
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DateAccount TitlesDebit $Credit $January 1,2018Inventory 70,000Building130,000Land 90,000Accounts Receivable 30,000Accounts Payable 15,000Cash325,000Goodwill (Balancing Figure ) 20,000( To record purchase of Imensity )
