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What journal entry have been if steinway bought of umi

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1. Several years ago, Steinway acquired 100% of UMI for $84,227 cash. Prior to acquisition, UMI had inventories of $30,041, receivables of $41,734, property, plant and equipment of $17,510 and accounts payable of $18,622 on its books. Steinway estimated that all of the assets and liabilities were on UMI's books at fair value except for inventory which was worth $10,000 more than book value. Assuming purchase accounting treatment (not a merger of equals),

Question a: What would the journal entry have been if Steinway had only bought 80% of UMI and paid $67,382?

Reference no: EM132708320

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What journal entry have been if steinway bought of umi : ssuming purchase accounting treatment (not a merger of equals), What would the journal entry have been if Steinway had only bought 80% of UMI and paid $67,382?
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