Eli Company purchased assets of Whitney Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below: $$\begin{array} { l r }
\text { Land } & \$ 171,600 \
\text { Building } & 514,800 \
\text { Equipment } & 600,600 \
\text { Inventories } & 429,000
\end{array}$$ Required:
Prepare the journal entry to record the purchase of the assets.

Question

Eli Company purchased assets of Whitney Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below: $$\begin{array} { l r } 
\text { Land } & \$ 171,600 \
\text { Building } & 514,800 \
\text { Equipment } & 600,600 \
\text { Inventories } & 429,000
\end{array}$$ Required:
Prepare the journal entry to record the purchase of the assets.

Quizplus · Accepted Answer

The Answer of Eli Company purchased assets of Whitney Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below: $$\begin{array} { l r } 
\text { Land } & \$ 171,600 \
\text { Building } & 514,800 \
\text { Equipment } & 600,600 \
\text { Inventories } & 429,000
\end{array}$$ Required:
Prepare the journal entry to record the purchase of the assets.

Eli Company Purchased Assets of Whitney Inc Required: Prepare the Journal Entry to Record the Purchase of $1,560,000

Eli Company Purchased Assets of Whitney Inc Required:
Prepare the Journal Entry to Record the Purchase of $1,560,000