The Ventura Corporation, a new corporation, took over the assets and liabilities of the Jeremy Ruggers Company on January 2, 2013. The assets and liabilities assumed, after appropriate revaluation by Ruggers Company, are shown below. The Ventura Corporation is authorized to issue 100,000 shares of $10 par-value common stock and 50,000 shares of 12 percent, $50 par-value preferred stock. Record the following transactions on page 1 of a general journal. Omit descriptions. Prepare the opening balance sheet for the corporation on January 2, 2013.

Question

The Ventura Corporation, a new corporation, took over the assets and liabilities of the Jeremy Ruggers Company on January 2, 2013. The assets and liabilities assumed, after appropriate revaluation by Ruggers Company, are shown below.  The Ventura Corporation is authorized to issue 100,000 shares of $10 par-value common stock and 50,000 shares of 12 percent, $50 par-value preferred stock. Record the following transactions on page 1 of a general journal. Omit descriptions. Prepare the opening balance sheet for the corporation on January 2, 2013.

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The Answer of The Ventura Corporation, a new corporation, took over the assets and liabilities of the Jeremy Ruggers Company on January 2, 2013. The assets and liabilities assumed, after appropriate revaluation by Ruggers Company, are shown below.  The Ventura Corporation is authorized to issue 100,000 shares of $10 par-value common stock and 50,000 shares of 12 percent, $50 par-value preferred stock. Record the following transactions on page 1 of a general journal. Omit descriptions. Prepare the opening balance sheet for the corporation on January 2, 2013.

The Ventura Corporation, a New Corporation, Took Over the Assets