Please do not give solution in image format ? And Fast Answering Please And Explain Proper Step by Step. Consolidated Balance Sheet Working Paper, Identifiable IntangiblesInternational 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 amounts are in thousands.Cash paid to GP shareholders$10,000Cash paid to consultants and lawyers2,400Fair value of new IA stock issued, 1,000 shares, $4 par 72,000Stock registration fees, paid in cash1,800500Fair value of earnings contingencyThe earnings contingency, if paid, will occur three years subsequent to the acquisition. The balance sheet accounts of GP and IA, just prior to the acquisition, are as follows:InternationalAutoBook ValueDr (Cr)$60,000840,000178,000(50,000)(700,000)(in thousands)Current assetsFixed assets, netTrademarksCurrent liabilitiesLong-term liabilitiesCommon stock, par valueAdditional paid-in capitalRetained earningsAccumulated other comprehensive incomeTreasury stockTotal(16,000)(220,000)(90,000)(8,000)6,000$0Genuine PartsBook ValueDr (Cr)Fair ValueDr (Cr)$2,000$2,40054,00040,0006,80012,000(800)(800)(52,000) (50,000)(1,000)(17,000)4,0002,8001,200$0In addition to the assets reported on GPs balance sheet, the following previously unreported intangible assets are identified. Note: Some of these intangibles may not be separately capitalized per ASC Topic 805.(in thousands)Fair valueLicensing agreements$4,800Skilled workforce30,000Order backlogs10,000Future synergies between IA and GP supply chains3,200 c. Prepare the consolidated balance sheet at the date of acquisition.• Do not use negative signs with any of your answers below.• Enter answers in thousands.AssetsCurrent assetsFixed assets, netTrademarksOther identifiable intangible assetsGoodwillTotal assetsCheckInternational Auto and SubsidiaryConsolidated Balance SheetDate of AcquisitionLiabilitiesCurrent liabilitiesLong-term liabilitiesTotal liabilities$Shareholders' EquityCommon stock, parAdditional paid-in capitalRetained earningsAccumulated other comprehensive incomeTreasury stockTotal shareholders' equityTotal liabilities and equity$$

Acquisition cost, occasionally appertained to as book value or asset book value, is a cost…

c. Prepare the consolidated balance sheet at the date of acquisition. • Do not use negative signs with any of your answers below. • Enter answers in thousands. Assets Current assets Fixed assets, net Trademarks Other identifiable intangible assets Goodwill Total assets Check International Auto and Subsidiary Consolidated Balance Sheet Date of Acquisition Liabilities Current liabilities Long-term liabilities Total liabilities $ Shareholders' Equity Common stock, par Additional paid-in capital Retained earnings Accumulated other comprehensive income Treasury stock Total shareholders' equity Total liabilities and equity $ $

c. Prepare the consolidated balance sheet at the date of acquisition. • Do not use negative signs with any of your answers below. • Enter answers in thousands. Assets Current assets Fixed assets, net Trademarks Other identifiable intangible assets Goodwill Total assets Check International Auto and Subsidiary Consolidated Balance Sheet Date of Acquisition Liabilities Current liabilities Long-term liabilities Total liabilities $ Shareholders' Equity Common stock, par Additional paid-in capital Retained earnings Accumulated other comprehensive income Treasury stock Total shareholders' equity Total liabilities and equity $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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