Following are selected accounts for Green Corporation and Vega Company as of December 31, 2023. Several of Green's accounts have been omitted. Revenues Cost of goods sold Depreciation expense Other expenses Equity in Vega's income. Retained earnings, 1/1/2023 Dividends Current assets Land Building (net) Equipment (net) Liabilities Common stock Additional paid-in capital Green $ 900,000 360,000 140,000 100,000 ? 1,350,000 195,000 300,000 450,000 750,000 300,000 600,000 450,000 75,000 Vega $ 500,000 200,000 40,000 60,000 1,200,000 80,000 1,380,000 180,000 280,000 500,000 620,000 80,000 320,000 Green acquired 100% of Vega on January 1, 2019, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2019, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment. Compute the December 31, 2023, consolidated additional paid-in capital.

Following are selected accounts for Green Corporation and Vega Company as of December 31, 2023. Several of Green's accounts have been omitted. Revenues Cost of goods sold Depreciation expense Other expenses Equity in Vega's income. Retained earnings, 1/1/2023 Dividends Current assets Land Building (net) Equipment (net) Liabilities Common stock Additional paid-in capital Green $ 900,000 360,000 140,000 100,000 ? 1,350,000 195,000 300,000 450,000 750,000 300,000 600,000 450,000 75,000 Vega $ 500,000 200,000 40,000 60,000 1,200,000 80,000 1,380,000 180,000 280,000 500,000 620,000 80,000 320,000 Green acquired 100% of Vega on January 1, 2019, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2019, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment. Compute the December 31, 2023, consolidated additional paid-in capital.

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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