Assume that Intron's assets and liabilities were purchased instead of its shares for $300,000. Prepare the journal entry to record this purchase.
Telecom Inc has decided to purchase the shares of Intron Inc. for $300, 000 in
Cash on July 1, 2018. On the date, the balance sheets of each of these companies
were as follows:
On that date, the fair values of Intron's assets and liabilities were as follows:
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