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- When a company acquires another company, the following entries are necessary to record the purchase of business12:
- Debit Business Purchase Account with the purchase price agreed upon.
- Credit Vendor.
- Debit various assets taken over at the value at which the company wants to record them in its books.
- Credit various liabilities taken over at the values agreed upon.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The following entries are necessary to record the purchase of business:— ADVERTISEMENTS: 1. Debit Business Purchase Account ] with the purchase price agreed upon. Credit Vendor 2. Debit various assets taken over at the value at which the company wants to record them in its books. Credit various liabilities taken over at the values agreed upon.www.accountingnotes.net/company-management/p…When a company acquires more than 50% of another company, US GAAP requires the acquirer to consolidate the acquired company under the consolidation method. The visual below illustrates the 6-step process that can be used to record a journal entry on the acquisition date:www.universalcpareview.com/ask-joey/what-is-the … - People also ask
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