Lower Ltd. acquired the assets and liabilities of Audet Ltd. on July 1, 2013. These net assets measured at fair value consisted of: Equipment………… $ 50,000Land ………….. 80,000Trucks ………….....

Lower Ltd. acquired the assets and liabilities of Audet Ltd. on July 1, 2013. These net assets measured at fair value consisted of: Equipment………… $ 50,000 Land ………….. 80,000 Trucks ………….. 40,000 Current assets………… 10,000 Current liabilities………. (16,000) Required Prepare the journal entries in Lower to record this business combination assuming that, to acquire these net assets, Lower: (a) Issued 100,000 shares at $1.80 per share (b) Issued 100,000 shares at $1.60 per share. View Solution:

Lower Ltd acquired the assets and liabilities of Audet Ltd