Winston has the following account balances as of February 1.
Inventory | $ 600,000 |
Land | 500,000 |
Buildings (net) (valued at $1,000,000) | 900,000 |
Common stock ($10 par value) | (800,000) |
Retained earnings, 1/1 | (1,100,000) |
Revenues | (600,000) |
Expenses | 500,000 |
Arlington pays $1.4 million cash and issues 10,000 shares of its $30 par value common stock (valued at $80 per share) for all of Winston’s outstanding stock. Stock issuance costs amount to $30,000. Prior to recording these newly issued shares, Arlington reports a Common Stock account of $900,000 and Additional Paid–In Capital of $500,000. For each of the following accounts, determine what balance would be included in a February 1 consolidation.
a. Goodwill.
b. Expenses.
c. Retained Earnings, 1/1.
d. Buildings.
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