Homework Answers
| Journal of Patel Company as at January 01, 2014 | ||
| Particulars | Debit | Credit |
| Cash | $ 18,080 | |
| Account Receivable | $ 1,07,430 | |
| Inventory | $ 1,34,420 | |
| Land | $ 53,340 | |
| Plant Assets | $ 4,76,330 | |
| Goodwill | $ 80,530 | |
| Acllowance for Uncollectable accounts | $ 9,540 | |
| Accounts Payable | $ 54,020 | |
| Bonds Payable | $ 1,60,970 | |
| Common Stock | $ 1,07,600 | |
| Security Premium | $ 5,38,000 | |
| (Being Business aquiried by Patel Company for consideration of 645600) |
The Goodwill has been accounted basis the Purchase Consideration. With the acquisition by Paten Company the Goodwill has been synergised.
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Patel Company issued 107,600 shares of $1 par value common stock (market value of $6/share) for...
Patel Company issued 106,200 shares of $1 par value common stock (market value of $6/share) for...
Patel Company issued 106,200 shares of $1 par value common stock
(market value of $6/share) for the net assets of Seely Company on
January 1, 2014, in a statutory merger. Seely Company had the
following assets, liabilities, and owners’ equity at that time:
Book Value Tax Basis Fair Value Difference Cash $21,450 $21,450
$—0— Accounts receivable 110,180 110,180 —0— Inventory (LIFO)
81,660 134,850 53,190 Land 29,630 55,170 25,540 Plant assets (net)
359,900 428,940 69,040 Total assets $602,820 $750,590 Allowance for...
Exercise 2-12A Your answer is partially correct. Try again. Patel Company issued 105,800 shares of $1...
Exercise 2-12A Your answer is partially correct. Try again. Patel Company issued 105,800 shares of $1 par value common stock market value of $6/share) for the net assets of Seely Company on January 1, 2014, in a statutory merger. Seely Company had the following assets, liabilities, and owners' equity at that time: Cash Accounts receivable Inventory (LIFO) Land Plant assets (net) Total assets Book Value Tax Basis $19,430 116,690 84,490 27,440 391,530 $639,580 Fair Value Difference $19,430 $-0- 116,690 -0-...
Splish Corporation issued 310 shares of $8 par value common stock for $3,720. Prepare Splish’s journal...
Splish Corporation issued 310 shares of $8 par value common
stock for $3,720.
Prepare Splish’s journal entry. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
Account Titles and Explanation
Debit
Credit
Marin Corporation issued 180 shares of $12 par value common stock for $3,240. Prepare Marin’s journal...
Marin Corporation issued 180 shares of $12 par value common
stock for $3,240.
Prepare Marin’s journal entry. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
Account Titles and Explanation
Debit
Credit
Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for...
Sunland Company has issued 2,500 shares of common stock and 500 shares of preferred stock for a lump sum of $94,000 cash Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (Credit account titles are automatically indented...
Crane Company has issued 1,500 shares of common stock and 300 shares of preferred stock for a lump sum of $5...
Crane Company has issued 1,500 shares of common stock and 300
shares of preferred stock for a lump sum of $55,000 cash.
Give the entry for the issuance assuming the par value of the
common stock was $5 and the fair value $30, and the par value of
the preferred stock was $40 and the fair value $50. (Each valuation
is on a per share basis and there are ready markets for each
stock.) (Credit account titles are automatically
indented...
Bramble Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares...
Bramble Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares of $50 par value preferred
stock. The preferred stock was originally issued at $60 per share.
The common stock is trading at $24 per share at the time of
conversion.
Record the conversion of the preferred stock. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the account titles and...
Bramble Corp. has issued 2,200 shares of common stock and 440 shares of preferred stock for...
Bramble Corp. has issued 2,200 shares of common stock and 440 shares of preferred stock for a lump sum of $83,000 cash. Part 1 Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (Credit account titles are...
Sheridan Corporation issued 368 shares of $10 par value common stock and 123 shares of $50...
Sheridan Corporation issued 368 shares of $10 par value common
stock and 123 shares of $50 par value preferred stock for a lump
sum of $16,587. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $90 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
Pronghorn Corporation issued 311 shares of $10 par value common stock and 112 shares of $50...
Pronghorn Corporation issued 311 shares of $10 par value common
stock and 112 shares of $50 par value preferred stock for a lump
sum of $15,678. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $100 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
Patel Company issued 106,200 shares of $1 par value common stock
(market value of $6/share) for the net assets of Seely Company on
January 1, 2014, in a statutory merger. Seely Company had the
following assets, liabilities, and owners’ equity at that time:
Book Value Tax Basis Fair Value Difference Cash $21,450 $21,450
$—0— Accounts receivable 110,180 110,180 —0— Inventory (LIFO)
81,660 134,850 53,190 Land 29,630 55,170 25,540 Plant assets (net)
359,900 428,940 69,040 Total assets $602,820 $750,590 Allowance for...
Exercise 2-12A Your answer is partially correct. Try again. Patel Company issued 105,800 shares of $1 par value common stock market value of $6/share) for the net assets of Seely Company on January 1, 2014, in a statutory merger. Seely Company had the following assets, liabilities, and owners' equity at that time: Cash Accounts receivable Inventory (LIFO) Land Plant assets (net) Total assets Book Value Tax Basis $19,430 116,690 84,490 27,440 391,530 $639,580 Fair Value Difference $19,430 $-0- 116,690 -0-...
Splish Corporation issued 310 shares of $8 par value common
stock for $3,720.
Prepare Splish’s journal entry. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
Account Titles and Explanation
Debit
Credit
Marin Corporation issued 180 shares of $12 par value common
stock for $3,240.
Prepare Marin’s journal entry. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
Account Titles and Explanation
Debit
Credit
Crane Company has issued 1,500 shares of common stock and 300
shares of preferred stock for a lump sum of $55,000 cash.
Give the entry for the issuance assuming the par value of the
common stock was $5 and the fair value $30, and the par value of
the preferred stock was $40 and the fair value $50. (Each valuation
is on a per share basis and there are ready markets for each
stock.) (Credit account titles are automatically
indented...
Bramble Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares of $50 par value preferred
stock. The preferred stock was originally issued at $60 per share.
The common stock is trading at $24 per share at the time of
conversion.
Record the conversion of the preferred stock. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry"
for the account titles and...
Bramble Corp. has issued 2,200 shares of common stock and 440 shares of preferred stock for a lump sum of $83,000 cash. Part 1 Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (Credit account titles are...
Sheridan Corporation issued 368 shares of $10 par value common
stock and 123 shares of $50 par value preferred stock for a lump
sum of $16,587. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $90 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
Pronghorn Corporation issued 311 shares of $10 par value common
stock and 112 shares of $50 par value preferred stock for a lump
sum of $15,678. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $100 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
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