E3.need help with Journal entry for 2 please.... 12On February, 1, 2023, JAR acquired Diggity Dog Pet Foods for $2,550,000 cash.On Feb 1, Diggity Dog has the following financial information:AssetsCashA/RInventoryEquipmentAccum Deprec EquipInvestment in Apple Stock512,89079,453218,3351,486,000(362,500)55,0001,989,178LiabilitiesA/PSalaries PayableLease PayableTotal LiabilitiesR/ECommon StockTotal Liabilities & S/E EquityOn 2/1/23 all book values approximated fair values except for the equipment which had afair value of $1.6 million and the Lease Payable which had a fair value of $15,000.Prepare the JE to record JAR's acquisition of Diggity DogOn December 31, JAR evaluates the financial posistion of its Diggity Dog food division anddetermines the fair value of the division is $2,300,000. On Dec 31, the Diggity Dog's totalnet assets including any goodwill recognized on 2/1/23 are $2,145,000.Prepare the JE to adjust goodwill if necessary.223,45062,46730,000315,917673,2611,000,0001,989,178

In the above question they will ask only answer for part 2 : Answer: Journal Entries of Diggy Dog…

2 On December 31, JAR evaluates the financial posistion of its Diggity Dog food division and determines the fair value of the division is $2,300,000. On Dec 31, the Diggity Dog's total net assets including any goodwill recognized on 2/1/23 are $2,145,000. Prepare the JE to adjust goodwill if necessary.

2 On December 31, JAR evaluates the financial posistion of its Diggity Dog food division and determines the fair value of the division is $2,300,000. On Dec 31, the Diggity Dog's total net assets including any goodwill recognized on 2/1/23 are $2,145,000. Prepare the JE to adjust goodwill if necessary.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 11MCQ

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