“My understanding is current owner was helping out previous owner (sole proprietorship) financially. Old owner could not pay back, so signed over the business.”
The asset “values” are going to be that debt, then. You will still have Liability and Equity, as well.
“Will find out if it is now a LLC, Corp. […]
Resolution for 'Corp issue: 'Need help recording fixed assets, I don’t have a purchase price. Company taken over.' available: Yes.
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