Homework Answers
Add Answer to:
Paragraph Styles 9. On January 2, 2020, Space Co. issued 150,000 new shares of its $1...
7. Rangers, Inc. acquires all of the outstanding common stock of Slowly Industries for $450,000 cash....
7. Rangers, Inc. acquires all of the outstanding common stock of Slowly Industries for $450,000 cash. On the acquisition date, the subsidiary had Common Stock of $40,000 and Retained Earnings of $160,000. A patent unrecorded by Slowly was valued at $158,000. Required: a. Prepare the entry on Ranger's books to record the purchase. b. Prepare all necessary consolidation entries. 8. On January 2, 2020, Kuehler Corporation's stockholders' equity accounts were as follows: Common Stock, $1 par $100,000 Additional paid-in-capital 350,000...
Problem 1: On January 2, 2020 Palta Company issued 80,000 new shares of its $5 par...
Problem 1: On January 2, 2020 Palta Company issued 80,000 new shares of its $5 par value common stock valued at $12 a share for all of Sudina Corporation's outstanding common shares. Palta paid $5,000 for the direct combination costs of the accountants. Palta paid $18,000 to register and issue shares. The fair value and book value of Sudina's identifiable assets and liabilities were the same. Summarized balance sheet information for both companies just before the acquisition on January 2,...
On January 1, 20X2, Plend Corporation acquired all of Stork Corporation's assets and liabilities by issuing...
On January 1, 20X2, Plend Corporation acquired all of Stork Corporation's assets and liabilities by issuing shares of its common stock. Partial balance sheet data for the companies prior to the business combination and immediately following the combination are as follows: Plend Corp. Stork Corp. Book Value Book Value Combined Entity Assets Cash $ 40,000 $ 10,000 $ 50,000 Accounts Receivable 60,000 30,000 88,000 Inventory 50,000 35,000 96,000 Buildings & Equipment (net) 300,000 110,000 430,000 Goodwill ? Total Assets $...
On January 1, 20X2, Plend Corporation acquired all of Stork Corporation's assets and liabilities by issuing...
On January 1, 20X2, Plend Corporation acquired all of Stork Corporation's assets and liabilities by issuing shares of its common stock. Partial balance sheet data for the companies prior to the business combination and immediately following the combination are as follows: Plend Corp. Stork Corp. Book Value Book Value Combined Entity Assets Cash $ 40,000 $ 10,000 $ 50,000 Accounts Receivable 60,000 30,000 88,000 Inventory 50,000 35,000 96,000 Buildings & Equipment (net) 300,000 110,000 430,000 Goodwill ? Total Assets $...
On January 1, 2017. Pal Products Corporation issues 12,000 shares of its P10 pax value stock...
On January 1, 2017. Pal Products Corporation issues 12,000 shares of its P10 pax value stock to acquire the net assets of Tan Company. Underlying book value and fair Required: Record the journal enti Corporation Problem 134 value information for the statement of financial position items of Tan Company at the time of acquisition are as follows: Book Value Fair Value Cash P60,000 P 60,000 100,000 100,000 Accounts Receivable 60,000 115,000 Inventory (lifo basis) Land 50,000 70.000 Buildings and Equipment...
On January 1, 2020, Canyon Creek Company acquired Smoltz Corporation by issuing 50,000 shares of its...
On January 1, 2020, Canyon Creek Company acquired Smoltz Corporation by issuing 50,000 shares of its $1 par common stock with a market value of $12 per share. A building on Smoltz’s books was undervalued by $50,000, resulting in annual amortization of $5,000. Also, there was an unrecorded patent valued at $80,000, resulting in annual amortization of $8,000. The separate 2020 financial statements for Canyon Creek and Smuckerman are presented below. Canyon Creek Co. Smuckerman Corp. Sales revenue $850,000 $380,000...
On January 1, 2017 Subic Company issued shares of its P5 par value stock to acquire...
On January 1, 2017 Subic Company issued shares of its P5 par value stock to acquire of Financial Position for Subic Company and Statement of Financial Position for the all the shares of Clark Inc. which was liquidated immediately thereafter. The Statement Problem 13-10 combined company under the purchase method are presented below: Combined Company Subic Company Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Goodwill Total Assets P 70,000 130,000 100,000 100,000 400,000 ( 150,000) P100,000...
On January 1, NewTune Company exchanges 17,049 shares of its common stock for all of the...
On January 1, NewTune Company exchanges 17,049 shares of its common stock for all of the outstanding shares of On-the-Go, Inc. Each of NewTune’s shares has a $4 par value and a $50 fair value. The fair value of the stock exchanged in the acquisition was considered equal to On-the-Go’s fair value. NewTune also paid $37,300 in stock registration and issuance costs in connection with the merger. Several of On-the-Go’s accounts’ fair values differ from their book values on this...
1. On 12/31, Choco acquired all assets and liabilities of Cake by issuing 40,000 shares of...
1. On 12/31, Choco acquired all assets and liabilities of Cake by issuing 40,000 shares of its common stock when the market value (=fair value) is $32/share and this combination is a statutory merger (Cake was dissolved). Choco has common stock with $15 par, 50,000 shares outstanding and Cake has $5 par, 60,000 shares outstanding Choco Book Values Cake Book Values Cake Fair Values Cash and Receivable 350,000 180,000 170,000 Inventories 250,000 100,000 150,000 Land 700,000 120,000 240,000 Building and...
On January 1, Richard Company acquired all the net assets of Ulmer Company by issuing debt...
On January 1, Richard Company acquired all the net assets of Ulmer Company by issuing debt with a market value of $350,000 and a payment of cash of $300,000. The fair value of Ulmer's identifiable net assets equaled their book values except for buildings and equipment which had a fair value of $120,000 greater than book value. Balance sheets for the two companies immediately preceding the acquisition were as follows: Richard Co. Ulmer Co. Cash $400,000 $150,000 Building & Equipment...
7. Rangers, Inc. acquires all of the outstanding common stock of Slowly Industries for $450,000 cash. On the acquisition date, the subsidiary had Common Stock of $40,000 and Retained Earnings of $160,000. A patent unrecorded by Slowly was valued at $158,000. Required: a. Prepare the entry on Ranger's books to record the purchase. b. Prepare all necessary consolidation entries. 8. On January 2, 2020, Kuehler Corporation's stockholders' equity accounts were as follows: Common Stock, $1 par $100,000 Additional paid-in-capital 350,000...
On January 1, 2017. Pal Products Corporation issues 12,000 shares of its P10 pax value stock to acquire the net assets of Tan Company. Underlying book value and fair Required: Record the journal enti Corporation Problem 134 value information for the statement of financial position items of Tan Company at the time of acquisition are as follows: Book Value Fair Value Cash P60,000 P 60,000 100,000 100,000 Accounts Receivable 60,000 115,000 Inventory (lifo basis) Land 50,000 70.000 Buildings and Equipment...
On January 1, 2017 Subic Company issued shares of its P5 par value stock to acquire of Financial Position for Subic Company and Statement of Financial Position for the all the shares of Clark Inc. which was liquidated immediately thereafter. The Statement Problem 13-10 combined company under the purchase method are presented below: Combined Company Subic Company Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Goodwill Total Assets P 70,000 130,000 100,000 100,000 400,000 ( 150,000) P100,000...
Most questions answered within 3 hours.
-
Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational...
asked 33 minutes ago -
. Suppose a discrete random variable has probability
distribution
P(x) = .2 if x = 0...
asked 19 minutes ago -
Under the influence of its drive force, a snowmobile is moving
at a constant velocity along...
asked 47 minutes ago -
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 2 hours ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 3 hours ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 4 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 5 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 6 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 6 hours ago -
In a study of the gas phase decomposition of sulfuryl chloride
at 600 K SO2Cl2(g)SO2(g) +...
asked 6 hours ago -
75 g of 2-propanol (C3H8O) and 25 g of pentane are mixed in a
200 mL...
asked 6 hours ago -
The 2800-turn coil in a dc motor has an area per turn of 1.1 ×
10-2...
asked 7 hours ago