please answer, thanks Ivanhoe Industries purchased all the following assets and liabilities of Protector Goods for $939,000 cash:Accounts ReceivableInventoryProperty, Plant & Equipment (net)LandAccounts PayableNotes PayableAccount Titles and ExplanationBook ValueAccounts PayableAccounts ReceivableCashGoodwillInventoryLandNo EntryNotes PayableProperty, Plant and Equipment$125,00090,000534,000148,00083,000101,000Fair ValueDebit$125,00097,000651,000168,000Prepare the appropriate journal entries for Ivanhoe Industries on acquisition. (If no entry is required, select "No Entry" for the account titles and enter O forthe amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)83,000101,000Credit

Name: please answer, thanks Ivanhoe Industries purchased all the following a
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Description: please answer, thanks Ivanhoe Industries purchased all the following assets and liabilities of Protector Goods for $939,000 cash:Accounts ReceivableInventoryProperty, Plant & Equipment (net)LandAccounts PayableNotes PayableAccount Titles and Explanat

Journal entry is an art of recording, classifying and summarizing the business transactions in…

Business

Accounting

Ivanhoe Industries purchased all the following assets and liabilities of Protector Goods for $939,000 cash: Accounts Receivable Inventory Property, Plant & Equipment (net) Land Accounts Payable Notes Payable Book Value $125,000 90,000 534,000 148,000 83,000 101,000 Fair Value $125,000 97,000 651,000 168,000 83,000 101,000

Ivanhoe Industries purchased all the following assets and liabilities of Protector Goods for $939,000 cash: Accounts Receivable Inventory Property, Plant & Equipment (net) Land Accounts Payable Notes Payable Book Value $125,000 90,000 534,000 148,000 83,000 101,000 Fair Value $125,000 97,000 651,000 168,000 83,000 101,000

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....

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