Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities...
Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities Cash $ 127,000 Current Liabilities $ 74,000 Inventory 107,000 Long-Term Liabilities 238,000 Buildings (net) 428,000 Common Stock 112,000 Retained Earnings 238,000 Total $ 662,000 Total $ 662,000 At December 31, 20X4, the book values of Square's net assets and liabilities approximated their fair values, except for buildings, which had a fair value of $11,000 less than book value, and inventories, which had a fair value $29,000 more than book value. Required: Plaza Corporation wishes to prepare a consolidated balance sheet immediately following the business combination. Prepare the consolidating entry or entries needed to prepare a consolidated balance sheet at December 31, 20X4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the basic consolidation entry.
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Record the excess value (differential) reclassification entry.
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Homework Answers
| Journal Entry | ||||
| 1 | Date | Account Title | Debit-$ | Credit-$ |
| a | Investment in Square Corporation | 401000 | ||
| Cash | 401000 | |||
| (100% stock Purchased of Square Corporation) | ||||
| b | Common Stock | 112000 | ||
| Retained Earnings | 238000 | |||
| Differential -Goodwill A/C | 51000 | |||
| Investment in Square Corporation | 401000 | |||
| c | Differential -Goodwill A/C | 11000 | ||
| Building | 11000 | |||
| Being building booked at fair value | ||||
| d | Inventories | 29000 | ||
| Differential -Goodwill A/C | 29000 | |||
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Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities...
Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities...
Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $401,000. At the date of combination, Square reported the following: Assets Liabilities Cash $ 127,000 Current Liabilities $ 74,000 Inventory 107,000 Long-Term Liabilities 238,000 Buildings (net) 428,000 Common Stock 112,000 Retained Earnings 238,000 Total $ 662,000 Total $ 662,000 At December 31, 20X4, the book values of Square's net assets and liabilities approximated their fair values, except for buildings, which had a fair value...
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