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question on december inc purchased the of power shoes for s120 000 at that date 31 2 4278532


on December Inc. purchased the of power shoes for s120,000. At that date 31, 20 Golden net assets Power Shoes reported the following statement of financial position Power Shoes Statement of Financial Position As at December 31, 2015 $10,000 8500 Line of credit Cash 8,700 12,000 Accounts payable Accounts receivable Inventory Equipment $84,300 Accum De 20.000 18,700 Total Liabilities 3,400 Shareholder's equity 50,000 64.300 common shares 11,500 80,200 Retained earnings Total Assets 61,500 Total SE 80,200 Total L & SE Golden determined that the balances presented above approximated fair value for all assets, other than the equipment, which had a fair value ofs62,000. Golden also determined that Power had a customer list with a fair value of $10,000.

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