Organic Juices, Inc. acquires Healthy Snax Corporation for $80 million in cash, in a merger. Healthy Snax' balance sheet at the date of acquisition is as follows (in millions): Current assets Plant and equipment 104 Long-term debt Intangible assets $16 Current liabilities Total assets 8 Capital stock Retained earnings Treasury stock $19.2 57.6 28.8 (16) $128 Total liabilities and equity $128 A consulting firm values Healthy Snax' plant and equipment at $64 million and its intangibles at $40 million. There are no unreported identifiable intangibles, and all other assets and liabilities are reported at amounts approximating fair value. 38.4 Required: Prepare the journal entry Organic Juices makes to record its acquisition of Healthy Snax. Enter answers in millions. Enter answers using decimal points, when applicable.

Organic Juices, Inc. acquires Healthy Snax Corporation for $80 million in cash, in a merger. Healthy Snax' balance sheet at the date of acquisition is as follows (in millions): Current assets Plant and equipment 104 Long-term debt Intangible assets $16 Current liabilities Total assets 8 Capital stock Retained earnings Treasury stock $19.2 57.6 28.8 (16) $128 Total liabilities and equity $128 A consulting firm values Healthy Snax' plant and equipment at $64 million and its intangibles at $40 million. There are no unreported identifiable intangibles, and all other assets and liabilities are reported at amounts approximating fair value. 38.4 Required: Prepare the journal entry Organic Juices makes to record its acquisition of Healthy Snax. Enter answers in millions. Enter answers using decimal points, when applicable.

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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