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