On January 1,20X8,Alaska Corporation acquired Mercantile Corporation's net assets by paying $160,000 cash.Balance sheet data for the two companies and fair value information for Mercantile Corporation immediately before the business combination are given below:

Required:
Prepare the journal entry to record the acquisition of Mercantile Corporation.

Question

On January 1,20X8,Alaska Corporation acquired Mercantile Corporation's net assets by paying $160,000 cash.Balance sheet data for the two companies and fair value information for Mercantile Corporation immediately before the business combination are given below:
  
Required:
Prepare the journal entry to record the acquisition of Mercantile Corporation.

Quizplus · Accepted Answer

The Answer of On January 1,20X8,Alaska Corporation acquired Mercantile Corporation's net assets by paying $160,000 cash.Balance sheet data for the two companies and fair value information for Mercantile Corporation immediately before the business combination are given below:
  
Required:
Prepare the journal entry to record the acquisition of Mercantile Corporation.

On January 1,20X8,Alaska Corporation Acquired Mercantile Corporation's Net Assets by Paying