On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...

Question

Question

On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Companys common stock. Summarized balance sheet data fo

Consolidation Worksheet Entries < A B Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts

Consolidation Worksheet Entries < А > Record the excess value (differential) reclassification entry. Note: Enter debits befor

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Answer. Journal Entries )اطع Credit($) Entry Accounts 1 common stock $16.000 $ 84,000 $100,000 Retained Earnings Investment i Explanations 2) Inventory = Fair value-Book value -$32,000 - $27,000 $5,000 Fair value BOOK value z Building & Equipment $80,

Hit the LIKE Button.

Add a comment

Answer 2

Similar Homework Help Questions

On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...

On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Series Company Book Value Fair Value $ 7,000 $ 7,000 19,000 19,000 29,000 34,000 55,000 75,000 Total $ 17,000 39,000 85,000 123,000 144,000 $408,000 $ 21,000 130,000 38,000 219,000 $408,000 $110,000 $ 5,000 12,000 14,000...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...

On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Series Company Item Book Value Fair Value Cash $ 32,000 $ 22,000 $ 22,000 Accounts Receivable 36,000 16,000 16,000 Inventory 94,000 27,000 32,000 Buildings & Equipment (net) 131,000 54,000 74,000 Investment in Series Stock 155,000 Total $ 448,000 $ 119,000 $ 144,000 Accounts Payable $ 12,000 $ 4,000...
On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...

On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Series Company Book Value Fair Value $ 25,000 $ 25,000 23,000 23,000 37,000 42,000 68,000 88,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 35,000 43,000 85,000 138,000 174,000 $475,000 $ 23,000...

Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20x8, for $158,000. At...

Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20x8, for $158,000. At that date, the fair value of Saver's buildings and equipment was $32,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20x8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $5,500. Trial balance data for Price and Saver...
Check my work Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31,...

Check my work Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for $222,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Corporation $ 22,000 41,000 63,000 157,000 Ites Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Slim Corporation Stock Total Assets Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Plump Corporation $ 30,000 103,000 119,000 225,000...
Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for $239,000....

Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for $239,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Plump Corporation Slim Corporation Cash $ 26,000 $ 18,000 Accounts Receivable 89,000 48,000 Inventory 114,000 60,000 Buildings & Equipment (net) 230,000 158,000 Investment in Slim Corporation Stock 239,000 Total Assets $ 698,000 $ 284,000 Accounts Payable $ 89,000 $ 18,000 Notes Payable 132,000 65,000...

Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $109,600. At...

Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $109,600. At that date, the fair value of Saver's buildings and equipment was $15,000 more than the book value. Accumulated depreciation on this date was $15,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price’s management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,600....
Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $122,400. At...

Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $122,400. At that date, the fair value of Saver's buildings and equipment was $16,000 more than the book value. Accumulated depreciation on this date was $19,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,500....
Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31,...

Check my w Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $208,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation Faith Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Mecounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 60,000 86,000 101,000...

Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $123,500. At...

Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $123,500. At that date, the fair value of Saver's buildings and equipment was $17,000 more than the book value. Accumulated depreciation on this date was $33,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price’s management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,700....

On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...

Homework Answers