Reference no: EM132927413
Question - Intangible Assets - On January 1, 2000, Bad Kitty, Inc bought Good Dog, LLC for $3,800,000. At the time of purchase Good Dog had the following assets and liabilities (all listed at fair value): land $1,200,000, cash $81,000, accounts receivable $380,000, investments $540,000, current liabilities $1,502,000, building $3,950,000, long term debt $1 million, and shareholder's equity of $2,420,000.
Required -
Record the journal entry to record Bad Kitty's purchase of Good Dog.
On December 31, 2000, the fair value of the Good Dog unit was $3,640,000. Further, Bad Kitty expected the following undiscounted net cash flow from the Good Dog unit over the next four years: $300,000, $300,000, $300,000, $1,400,000. Record any necessary journal entry.
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