Poplar Corp Fair Values on the Date of Acquisition:
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Essay

Poplar Corp.acquires the net assets of Sapling Company, which has the following balance sheet:
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$$\begin{array} { l r } \text { Accounts Receivable } & \$ 50,000 \\\text { Inventory } & 80,000 \\\text { Equipment, Net } & 50,000 \\\text { Land \& Building, Net } & \$ 120,000 \\\text { Total Assets } & \$ 300,000 \\\\\text { Bonds Payable } & \$ 90,000 \\\text { Common Stock } & 100,000 \\\text { Retained Earnings } & \underline { 110,000 } \\\text { Total Liabilities and Stockholders' Equity } & \$ 300,000\end{array}$$ Fair values on the date of acquisition:
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$$\begin{array} { l r } \text { Accounts receivable } & \$ 50,000 \\\text { Inventory } & 100,000 \\\text { Equipment } & 30,000 \\\text { Land and building } & 180,000 \\\text { Customer list } & 30,000 \\\text { B onds payable } & 100,000 \\\text { Acquisition costs: } & \$ 10,000\end{array}$$ If Poplar paid $300,000 what journal entries would be recorded by both Poplar Corp.and Sapling Company?
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