InventoryLand217Additional paid-in capitalRetained earnings, 1/1BuildingsTrademarksAccounts payableCommon stockRevenuesExpensesItemsView transaction list<Book Value Fair Value$ 406,000 $363,500817,500 1,087,5002,005,000 2,314,7501Journal entry worksheet2868,500(128,500) (128,500)(2,000,000)3(500,000)Alder Company pays $4,050,000 cash and issues 22,800 shares of its $2 par value common stock (fair value of $50 per share) for allof Beech's common stock in a merger, after which Beech will cease to exist as a separate entity. Stock issue costs amount to $33,500,and Alder pays $44,000 for legal fees to complete the transaction.(424,500)Required:Prepare Alder's journal entries to record its acquisition of Beech.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.(482,500)307,000000Record the legal fees related to the combination.>

The difference between purchase consideration and net assets acquired is Goodwill or capital…

Inventory Land Buildings Trademarks Accounts payable Common stock Items Additional paid-in capital Retained earnings, 1/1 Revenues Expenses View transaction list < 1 Book Value $ 406,000 817,500 2,005,000 Journal entry worksheet 2 0 (128,500) (2,000,000) (500,000) (424,500) (482,500) 307,000 Alder Company pays $4,050,000 cash and issues 22,800 shares of its $2 par value common stock (fair value o of Beech's common stock in a merger, after which Beech will cease to exist as a separate entity. Stock issue cos and Alder pays $44,000 for legal fees to complete the transaction. 3 Required: Prepare Alder's journal entries to record its acquisition of Beech. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fie Fair Value $363,500 1,087,500 2,314,750 868,500 (128,500) Record the legal fees related to the combination. 0 0 0

Inventory Land Buildings Trademarks Accounts payable Common stock Items Additional paid-in capital Retained earnings, 1/1 Revenues Expenses View transaction list < 1 Book Value $ 406,000 817,500 2,005,000 Journal entry worksheet 2 0 (128,500) (2,000,000) (500,000) (424,500) (482,500) 307,000 Alder Company pays $4,050,000 cash and issues 22,800 shares of its $2 par value common stock (fair value o of Beech's common stock in a merger, after which Beech will cease to exist as a separate entity. Stock issue cos and Alder pays $44,000 for legal fees to complete the transaction. 3 Required: Prepare Alder's journal entries to record its acquisition of Beech. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fie Fair Value $363,500 1,087,500 2,314,750 868,500 (128,500) Record the legal fees related to the combination. 0 0 0

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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LO 5 Skipped References The following book and fair values were available for Westmont Company as of March 1. $ Book Value 245,500 $ 820,500 2,115,000 Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings, 1/1 Revenues Expenses (96,000) (2,000,000) (500,000) (413,000) (494,000) 322,000 View transaction list Arturo pays cash of $4,275,250 to acquire Westmont. No stock is issued and Arturo pays $51,200 for legal fees to complete the transaction. 1 Fair Value 203,750 1,072,500 2,457,750 Prepare Arturo's journal entries to record its acquisition of Westmont. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the acquisition of Westmont Company. 833,250 (96,000) 2 Record the legal fees related to the combination. >
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Realization and Liquidation Account L01 A balance sheet for Bran Company on June 30, 2012, the date Jim Brown was appointed trustee, is presented here: PROBLEM 10-4 Bran Company Balance Sheet June 30, 2012 Cash $ 15,000 $ 45,000 6,000 Accounts Receivable Less: Allowance for Uncollectibles 39,000 Inventory Plant and Equipment Less: Accumulated Depreciation Total Assets 104,000 215.000 70,000 145,000 $303.000 Accounts Payable Common Stock $145,000 Retained Earnings (deficit) Total Liabilities and Equities 225,000 (67,000) $303.000 The following information concerning the period from June 30, 2012, to December 31, 2012, is also available: 1. All Bran Company's assets were transferred to the trustee. 2. Sales for the period were $130,000, of which $30,000 were cash sales. 3. Receivables collected by the trustee in cash were: Old receivables $38,000 New receivables 85,000 4. Merchandise inventory was purchased on account by the trustee in the amount of $35,000. 5. Cash payments were made by…
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A-6
Income statement 2021 £,000 Sales 7000 Cost of sales -3000 Gross profit 4000 Administration and distribution expenses -1000 Interest payable -500 Dividend received 600 Profit before tax 3100 Taxation -1000 Profit after tax 2100 Balance Sheet 2021 2020 £'000 £'000 £'000 £'000 Assets: Non-Current Assets Property, plant and equipment 13000 10000 Investment 3000 3000 16000 13000 Current Assets Inventories 5500 5000 Trade receivables 2500 4500 Cash at bank 1000 9000 0 9500 Total Assets 25000 22500 Equity and Liabilities: Share capital 6000 5000 Share premium account 3000 2000 Retained earnings 3900 3000 12900 10000…