Homework Answers
| 1 | Fair value of Identifiable assets | $8,190,000 | |
| Less: Fair value of liabilities | $1,290,000 | ||
| Net identifiable assets | $6,900,000 | ||
| Purchase consideration | $10,400,000 | ||
| Goodwill | $3,500,000 | ||
| 2 | Account titles and explanation | Debit | Credit |
| Cash and receivables | $120,000 | ||
| Inventories | $1,390,000 | ||
| Land | $1,000,000 | ||
| Buildings and equipments | $580,000 | ||
| Intangibles | $5,100,000 | ||
| Goodwill | $3,500,000 | ||
| Current liabilities | $90,000 | ||
| Bonds payable | $1,200,000 | ||
| Common stock | $2,000,000 | ||
| Contributed Capital | $8,400,000 | ||
| (Business combination recorded) | |||
| Merger deparment expenses | $20,000 | ||
| Other contributed Capital | $15,000 | ||
| Cash | $35,000 | ||
| (expenses accounted) | |||
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Name: P er acquired 100 percent of Corp's common shares on January 1, 2020 by p...
please show your work there is no additional information. peg 95 and 96 is a silmilar...
please show your work
there is no additional information. peg 95 and 96 is a silmilar
problem.
Name: Score: P Corp. acquired 80 percent of corps common quired 80 percent of S Corp's common shares on January 1, 2020 for $620,000 cash S Corp. will continue as a separate legal entity. Further examination of S Corp's balance sheet below provides book and fair values S Corporation's Balance Sheet (January 1, 2020) Cash and Receivables Inventories Land Buildings and Equipment (net)...
On January 1, 2015, P Corporation acquired 70 percent of Sea-Gull Company's common stock for $150...
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Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017....
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On January 1, 2020, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company...
On January 1, 2020, Palka, Inc., acquired 70 percent of the
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although at the acquisition date, Sellinger had a total book value
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$297,000. On January 1, 2021, Palka acquired an additional...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares...
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please show your work
there is no additional information. peg 95 and 96 is a silmilar
problem.
Name: Score: P Corp. acquired 80 percent of corps common quired 80 percent of S Corp's common shares on January 1, 2020 for $620,000 cash S Corp. will continue as a separate legal entity. Further examination of S Corp's balance sheet below provides book and fair values S Corporation's Balance Sheet (January 1, 2020) Cash and Receivables Inventories Land Buildings and Equipment (net)...
On January 1, 2015, P Corporation acquired 70 percent of Sea-Gull Company's common stock for $150,000 cash. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: P Cor S Cor Cash 160,000 80,000 100,000 10,000 220,000 100,000 150,000 $620,000 30,000 10,000 30,000 30,000 190,000 20,000 0 270,000 Invento Goodwill PP&E Investment in sub Total Assets Bonds Pavable Common Stock Retained Earnings Total Liabilities & 180,000 90,000 100,000 250,000 25,000 70,000...
Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017. In exchange, Francisco paid $450,000 in cash and issued 104,000 shares of its own $1 par value common stock. On this date, Francisco's stock had a fair value of $12 per share. The combination is a statutory merger with Beltran subsequently dissolved as a legal corporation. Beltran's assets and liabilities are assigned to a new reporting unit. The following reports the fair values for...
On January 1, 2018, Marshall Company acquired 100 percent of the outstanding common stock of Tucker Company. To acquire these shares, Marshall issued $318,000 in long-term liabilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Marshall paid $25,000 to accountants, lawyers, and brokers for assistance in the acquisition and another $10,000 in connection with stock issuance costs. Prior to these transactions, the balance sheets for the...
On January 1, 2020, Palka, Inc., acquired 70 percent of the
outstanding shares of Sellinger Company for $1,789,900 in cash. The
price paid was proportionate to Sellinger’s total fair value,
although at the acquisition date, Sellinger had a total book value
of $2,250,000. All assets acquired and liabilities assumed had fair
values equal to book values except for a patent (six-year remaining
life) that was undervalued on Sellinger’s accounting records by
$297,000. On January 1, 2021, Palka acquired an additional...
16 10 points On January 1, 2020. Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1.297.100 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acquisition date. Sellinger had a total book value of $1.510.000. All assets acquired and liabilities assumed had fair values equal to book values except for a patent (six-year remaining life) that was undervalued on Sellinger's accounting records by $333.000. On January 1, 2021. Palka...
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