Solution-Give the entry that blanket made to record the

Give the entry that blanket made to record the purchase

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Reference no: EM131115616

Goodwill Recognition

Spur Corporation reported the following balance sheet amounts on December 31, 20X1:

Balance Sheet Item	Historical Cost	Fair Value
Cash & Receivables	$ 50,000	$ 40,000
Inventory	100,000	150,000
Land	40,000	30,000
Plant & Equipment	400,000	350,000
Less: Accumulated Depreciation	(150,000)
Patent		130,000
Total Assets	$440,000	$700,000
Accounts Payable	$ 80,000	$ 85,000
Common Stock	200,000
Additional Paid-In Capital	20,000
Retained Earnings	140,000
Total Liabilities & Equities	$440,000

Required

Blanket acquired Spur Corporation's assets and liabilities for $670,000 cash on December 31, 20X1. Give the entry that Blanket made to record the purchase.

Reference no: EM131115616

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Give the entry that blanket made to record the purchase

Reference no: EM131115616

Reference no: EM131115616

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