ollowing are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair value or Sol Company accounts. Cash Receivables Inventory Items Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Long-term liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Padre Company Book Book Values Values 12/31 $ 158,000 274,500 582,500 710, 000 665,000 277,000 (339, 000) (148, 000) (940, 000) (660, 000) 0 (70, 000) (450, 000) (1,038, 000) 978, 000 Sol Company lote: Parentheses Indicate a credit balance. 12/31 $ 70, 500 305,000 267,000 221, 000 299,000 256,000 (156, 000) (42, 500) (607, 500) 0 (210, 000) (90, 000) (290, 000) (343, 500) 321, 000 Fair Values 12/31 $ 70, 500 305,000 323, 100 192, 500 363, 300 287, 300 (156, 000) (42, 500) (607, 500) 0 000 00
ollowing are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair value or Sol Company accounts. Cash Receivables Inventory Items Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Long-term liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Padre Company Book Book Values Values 12/31 $ 158,000 274,500 582,500 710, 000 665,000 277,000 (339, 000) (148, 000) (940, 000) (660, 000) 0 (70, 000) (450, 000) (1,038, 000) 978, 000 Sol Company lote: Parentheses Indicate a credit balance. 12/31 $ 70, 500 305,000 267,000 221, 000 299,000 256,000 (156, 000) (42, 500) (607, 500) 0 (210, 000) (90, 000) (290, 000) (343, 500) 321, 000 Fair Values 12/31 $ 70, 500 305,000 323, 100 192, 500 363, 300 287, 300 (156, 000) (42, 500) (607, 500) 0 000 00
Chapter1: Financial Statements And Business Decisions
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