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Spur Corporation’s assets and liabilities
Goodwill Recognition
Spur Corporation reported the following balance sheet amounts on December 31, 20X1:
Balance Sheet Item
Historical Cost
Fair Value
Cash & Receivables
$ 50,000
$ 40,000
Inventory
100,000
150,000
Land
40,000
30,000
Plant & Equipment
400,000
350,000
Less: Accumulated Depreciation
(150,000)

Patent

130,000
Total Assets
$440,000
$700,000
Accounts Payable
$ 80,000
$ 85,000
Common Stock
200,000

Additional Paid-In Capital
20,000

Retained Earnings
140,000

Total Liabilities & Equities
$440,000

Required
Blanket acquired Spur Corporation’s assets and liabilities for $670,000 cash on December 31, 20X1. Give the entry that Blanket made to record the purchase.

 

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