What amount did phoenix record the investment in vulcan? Phoenix Technologies and Vulcan Systems were united ina business combination. Prior to the combination, theyreported the following stockholders' equity figures:Phoenix VulcanCommon stock ($1 par value) $250,000 $60,000Additional paid-in capitalRetained earnings$120,000 $30,000$400,000 $140,000Phoenix issued 75,000 new shares of its common stockvalued at $5.60 per share for all of the outstanding stock ofVulcan.Assume that Phoenix acquired Vulcan on January 1, 2023.At what amount did Phoenix record the investment inVulcan?

Step 1: DefinitionsConcept of Business Combination:A business combination is a transaction in which…

Answered: Phoenix Technologies and Vulcan Systems…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 8EB: Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction...

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Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized to issue 750,000 shares of $6 par value common stock. It has issued 50,000 of the common shares and 1,000 of the cumulative preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Aggregate Mining has the following transactions this year: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split
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