record the purchase on the books of nectar corporation assuming the cash paid to py 1555642

: Record the purchase on the books of Nectar Corporation assuming the cash paid to Pyramid Corporation…Financial Statements x 45863Assets x 37208Inventory x 34947current x 81023Balance Sheet x 23635Bargain purchase. Nectar Corporation has agreed to purchase the net assets of Pyramid Corporation. Just prior to the purchase, Pyramid’s balance sheet was as follows:

View complete question »Pyramid CorporationBalance SheetJanuary 1, 20X1AssetsLiabilities and EquityAccounts receivable$200,000Current liabilities$80,000Inventory270,000Mortgage payable250,000Equipment (net)100,000Stockholders’ equity:Common stock ($10 par)$100,000Retained earnings140,000240,000Total assets$570,000Total