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Pony Acquired Spur Corporation's Assets and Liabilities for $500,000 Cash

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Pony acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31, 2010.Spur dissolved on the date of the acquisition.Spur's balance sheet and related fair values are shown as of that date, below.
Pony acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31, 2010.Spur dissolved on the date of the acquisition.Spur's balance sheet and related fair values are shown as of that date, below. Required: Prepare the journal entry recorded by Pony as a result of this transaction. Required: Prepare the journal entry recorded by Pony as a result of this transaction.

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