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Question: 4 points on january 2 2018 memphis metal manufacturing company...

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(4 points) On January 2, 2018, Memphis Metal Manufacturing Company paid $18 million for Maine Marine Metals Company in a transaction properly accounted for as an asset acquisition. The book values and fair values of Maine Marine Metals Companys net assets on January 2, 2018 were as follows 5. Book Value Fair Value 160,000 $160,000 Cash Accounts Receivable Inventory PP&E Accounts Payable Mortgage Payable Federal Environmental Liability $ 1,800,000 1,650,000 $ 3,425,000 $ 12,895,000 $ 2,650,000 3,475,000 3,475,000 1,500,000 $ 4,750,000 9,562,000 2,400,000 noted otherwise, assume the existing cash account balance is included in the purchased assets Required: Complete the journal entry to record the asset acquisition. Quiz continues on page 2

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