Schwartz Co. paid $780,000 cash to buy the plant assets of Kimberly Co. that went out of business. An independent appraiser assigned the following values to the assets acquired: Prepare Schwartz' journal entry to record the acquisition of these assets.

Question

Schwartz Co. paid $780,000 cash to buy the plant assets of Kimberly Co. that went out of business. An independent appraiser assigned the following values to the assets acquired:  Prepare Schwartz' journal entry to record the acquisition of these assets.

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The Answer of Schwartz Co. paid $780,000 cash to buy the plant assets of Kimberly Co. that went out of business. An independent appraiser assigned the following values to the assets acquired:  Prepare Schwartz' journal entry to record the acquisition of these assets.