Pony acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31,2013.Spur dissolved on the date of the acquisition.Spur's balance sheet and related fair values are shown as of that date,below.
Required: Prepare the journal entry recorded by Pony as a result of this transaction.

Question

Pony acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31,2013.Spur dissolved on the date of the acquisition.Spur's balance sheet and related fair values are shown as of that date,below.  
Required: Prepare the journal entry recorded by Pony as a result of this transaction.

Quizplus · Accepted Answer

The Answer of Pony acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31,2013.Spur dissolved on the date of the acquisition.Spur's balance sheet and related fair values are shown as of that date,below.  
Required: Prepare the journal entry recorded by Pony as a result of this transaction.

Pony Acquired Spur Corporation's Assets and Liabilities for $500,000 Cash