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uate acqdisition Eliminating Entries, Bargain Gain Phelps, Inc. acquires all of the stock of Skelton Company...
uate acqdisition Eliminating Entries, Bargain Gain Phelps, Inc. acquires all of the stock of Skelton Company...
uate acqdisition Eliminating Entries, Bargain Gain Phelps, Inc. acquires all of the stock of Skelton Company for $ million in cash. At the date of acquisition, Skelton's curr fair value of S3 million, its noncurrent assets had a book value of $45 million and a fair value of $20 mil lion, and its liabilities had a book value of $30 million, which approximated fair value. Skelton also has previously unreported identifiable intangibles, valued at $17 million, that meet ASC Topic...
E3.3 Eliminating Entries, Revaluation of Reported Net Assets Petrel Corporation acquires all of the stock of Samson...
E3.3 Eliminating Entries, Revaluation of Reported Net Assets Petrel Corporation acquires all of the stock of Samson Company for $30 million in cash. Samson's balance sheet accounts at the date of acquisition are listed below. Date-of-acquisition fair values for Samson's assets and liabilities are also displayed. Samson has previously unreported developed technology valued at $6 million, meeting the criteria for capitalization per ASC Topic 805. (in thousands) Book Value Dr (Cr) Fair Value Dr (Cr) Cash........ Accounts receivable........................ Inventories ..........
Polaris Company acquires all of the stock of SSC, Inc. for $60 million in cash. At...
Polaris Company acquires all of the stock of SSC, Inc. for $60 million in cash. At the date of acquisition, SSC’s current assets had a book value of $20 million, its noncurrent assets had a book value of $80 million, and its liabilities had a book value of $90 million. It is determined that the book values of SSC’s net assets approximate fair value at the date of acquisition. SSC’s shareholders’ equity consists of capital stock of $2 million, retained...
Please show all work. E5.7 Goodwill, Equity Method, Eliminating Entries. First Year (see related E4.3) On January G...
Please show all work.
E5.7 Goodwill, Equity Method, Eliminating Entries. First Year (see related E4.3) On January Goodw ZU20, Playtel Inc, acquired 75 percent of the stock of San Jose Cable for $200 million in cash. At of acquisition, the fair value of the noncontrolling interest was $50 million, and Playtel's Shalen equity accounts were as follows (in thousands): Common stock, $1 par....... Additional paid-in capital..... Retained deficit ......... Treasury stock ................... Total ................ $ 5,000 25,000 (1,000) (800) $28,200...
Eliminating Entries with Previously Unreported Intangibles ProLock acquired all of the stock of Senyo for $15,000,000....
Eliminating Entries with Previously Unreported Intangibles ProLock acquired all of the stock of Senyo for $15,000,000. At the date of acquisition, Senyo's $8,000,000 of reported net assets were fairly stated, except land was overvalued by $500,000 and unrecorded in-process R&D was valued at $1,500,000. Senyo's equity accounts were as follows: Capital stock $7,000,000 Retained deficit (500,000) Accumulated other comprehensive income 1,800,000 Treasury stock (300,000) Total $8,000,000 Required Prepare the working paper eliminating entries needed to consolidate ProLock and Senyo at...
Brightcove, Inc. acquires all of stock of Ciber, Inc. for $80 million in cash and accounts...
Brightcove, Inc. acquires all of stock of Ciber, Inc. for $80 million in cash and accounts for the acquisition as a stock acquisition. Balance sheet information at the date of acquisition is as follows (in thousands) Ciber Book Value Ciber Fair Value Brightcove, Inc. Book Value Current assets $400 $250 $40,000 Plants and equipment $12,000 $5,000 $ 200,000 Licenses and trademarks $5,000 $8,000 Investment in Ciber $80,000 Current liabilities $ (800) $(800) $(80,000) Long-term liabilities $ (10,000) $(9,500) $(150,000)...
Date of Acquisition Consolidation Eliminating Entries, Bargain Purchase Peregrine Company acquired 80 percent of Sparrow Company's...
Date of Acquisition Consolidation Eliminating Entries, Bargain Purchase Peregrine Company acquired 80 percent of Sparrow Company's common stock for $20,000,000 in cash fees paid to an outside firm to estimate the earning power of Sparrow and the fair values of its properties amounted to $2.500,000. Sparrow's equity consisted of $3,000,000 in capital stock, 525.000.000 in retained earnings $1,500,000 in accumulated other comprehensive loss, and $500.000 in treasury stock. Book values of Sparrow's identifiable assets and is approximated their fair values...
Porwal Parts acquires all the voting stock of Stonegate Supplies for $50 million. Stonegate's book value...
Porwal Parts acquires all the voting stock of Stonegate Supplies for $50 million. Stonegate's book value was $11 million at the date of acquisition, consisting of capital stock of $1 million, retained earnings of $12 million, and accumulated other comprehensive loss of $2 million. Stonegate's assets and liabilities are carried at amounts approximating fair value, and it has no previously unreported identifiable intangible assets. Consolidation eliminating entry (E), at the date of acquisition, includes a(n): A. $12 million credit to...
International Auto (IA) acquires all of the stock of Genuine Parts (GP) and reports the acquisition...
International Auto (IA) acquires all of the stock of Genuine Parts (GP) and reports the acquisition as a stock investment on its own books. The acquisition involves the following payments. All amount are in thousands: Cash paid to GP shareholders 5,000 Cash paid to consultants and lawyers 1,200 Fair value of new IA stock issued, 1,000 shares, $2 par 36,000 Stock registration fees, paid in cash 900 Fair value of earnings contingency 250 The earnings contingency, if paid, will occur...
Global Car Corporation acquires off the stock of Parts Company and reports the acquisition as a...
Global Car Corporation acquires off the stock of Parts Company and reports the acquisition as a stock investment on its own books. The acquisition involves the following payments Cash paid to Parts Company Shareholders Cash paid to consultants and lawyers Fair value of new Global Car Corporation stock issued Stock registration fees, paid in cash Fair value of earnings contingency (If paid, will occur 3 years subsequent to acquisition) $5,000,000 1,200,000 36,000,000 900,000 250,000 1000 Shares $2 Par Global Car...
uate acqdisition Eliminating Entries, Bargain Gain Phelps, Inc. acquires all of the stock of Skelton Company for $ million in cash. At the date of acquisition, Skelton's curr fair value of S3 million, its noncurrent assets had a book value of $45 million and a fair value of $20 mil lion, and its liabilities had a book value of $30 million, which approximated fair value. Skelton also has previously unreported identifiable intangibles, valued at $17 million, that meet ASC Topic...
E3.3 Eliminating Entries, Revaluation of Reported Net Assets Petrel Corporation acquires all of the stock of Samson Company for $30 million in cash. Samson's balance sheet accounts at the date of acquisition are listed below. Date-of-acquisition fair values for Samson's assets and liabilities are also displayed. Samson has previously unreported developed technology valued at $6 million, meeting the criteria for capitalization per ASC Topic 805. (in thousands) Book Value Dr (Cr) Fair Value Dr (Cr) Cash........ Accounts receivable........................ Inventories ..........
Please show all work.
E5.7 Goodwill, Equity Method, Eliminating Entries. First Year (see related E4.3) On January Goodw ZU20, Playtel Inc, acquired 75 percent of the stock of San Jose Cable for $200 million in cash. At of acquisition, the fair value of the noncontrolling interest was $50 million, and Playtel's Shalen equity accounts were as follows (in thousands): Common stock, $1 par....... Additional paid-in capital..... Retained deficit ......... Treasury stock ................... Total ................ $ 5,000 25,000 (1,000) (800) $28,200...
Eliminating Entries with Previously Unreported Intangibles ProLock acquired all of the stock of Senyo for $15,000,000. At the date of acquisition, Senyo's $8,000,000 of reported net assets were fairly stated, except land was overvalued by $500,000 and unrecorded in-process R&D was valued at $1,500,000. Senyo's equity accounts were as follows: Capital stock $7,000,000 Retained deficit (500,000) Accumulated other comprehensive income 1,800,000 Treasury stock (300,000) Total $8,000,000 Required Prepare the working paper eliminating entries needed to consolidate ProLock and Senyo at...
Date of Acquisition Consolidation Eliminating Entries, Bargain Purchase Peregrine Company acquired 80 percent of Sparrow Company's common stock for $20,000,000 in cash fees paid to an outside firm to estimate the earning power of Sparrow and the fair values of its properties amounted to $2.500,000. Sparrow's equity consisted of $3,000,000 in capital stock, 525.000.000 in retained earnings $1,500,000 in accumulated other comprehensive loss, and $500.000 in treasury stock. Book values of Sparrow's identifiable assets and is approximated their fair values...
Global Car Corporation acquires off the stock of Parts Company and reports the acquisition as a stock investment on its own books. The acquisition involves the following payments Cash paid to Parts Company Shareholders Cash paid to consultants and lawyers Fair value of new Global Car Corporation stock issued Stock registration fees, paid in cash Fair value of earnings contingency (If paid, will occur 3 years subsequent to acquisition) $5,000,000 1,200,000 36,000,000 900,000 250,000 1000 Shares $2 Par Global Car...
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