(Answered) Question - on july 1 2017 brigham corporation purchased

Accounting

Question - On July 1, 2017, Brigham Corporation purchased Young Company by paying $250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows.

Cash $50,000

Accounts payable $200,000

Accounts receivable 90,000

Stockholders' equity 235,000

Inventory 100,000

Land 40,000

Buildings (net) 75,000

Equipment (net) 70,000

Trademarks 10,000

The recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $125,000), and trademarks (fair value of $15,000).

Prepare the July 1 entry for Brigham Corporation to record the purchase.

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