Prepare journal entries for 2011 for the following independent situations. Assume each organization has a December 31 year end.
b. Blue Bat Corporation purchases one of their main competitors on March 31, 2011. Blue Bat paid $160,000 for this purchase which included assets of $120,000 and liabilities of $10,000. The goodwill is believed to have an indefinite benefit.

Question

Prepare journal entries for 2011 for the following independent situations. Assume each organization has a December 31 year end.
  b. Blue Bat Corporation purchases one of their main competitors on March 31, 2011. Blue Bat paid $160,000 for this purchase which included assets of $120,000 and liabilities of $10,000. The goodwill is believed to have an indefinite benefit.

Quizplus · Accepted Answer

The Answer of Prepare journal entries for 2011 for the following independent situations. Assume each organization has a December 31 year end.
  b. Blue Bat Corporation purchases one of their main competitors on March 31, 2011. Blue Bat paid $160,000 for this purchase which included assets of $120,000 and liabilities of $10,000. The goodwill is believed to have an indefinite benefit.

Prepare Journal Entries for 2011 for the Following Independent Situations