Pauline Company issued 240,000 shares of P10 par common stock with a fair value of P5,100,000 for the net assets of Saltine Company. In addition, Pauline incurred the following acquisition- related costs: Legal fees to arrange the business combination Cost of SEC registration of shares Cost of issuing stock certificates Documentary stamp tax 50,000 24,000 6,000 40,000 Immediately before the business combination in which Saltine Company was dissolved, Saltine's assets and equities were as follows (in thousand): Book value Fair value 2,200 Current assets 4,000 3,000 Plant assets 4,400 Liabilities 600 600 Common stock 4,000 Retained earnings 400

Pauline Company issued 240,000 shares of P10 par common stock with a fair value of P5,100,000 for the net assets of Saltine Company. In addition, Pauline incurred the following acquisition- related costs: Legal fees to arrange the business combination Cost of SEC registration of shares Cost of issuing stock certificates Documentary stamp tax 50,000 24,000 6,000 40,000 Immediately before the business combination in which Saltine Company was dissolved, Saltine's assets and equities were as follows (in thousand): Book value Fair value 2,200 Current assets 4,000 3,000 Plant assets 4,400 Liabilities 600 600 Common stock 4,000 Retained earnings 400

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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