Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31, 20X4, for $92,400. At that date, the fair value of the noncontrolling interest was $39,600. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Cash Accounts Receivable Inventory Land Buildings & Equipment. Less: Accumulated Depreciation Investment in Smart Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Phone Corporation $ 53,300 94,000 140,000 73,000 427,000 (162,000) 92,400 $ 717,700 $ 143,500 318,200 66,000 190,000 $ 717,700 Smart Corporation $ 40,000 48,000 82,000 38,000 269,000 (75,000) $402,000 $ 33,000 258,000 31,000 80,000 $402,000 At the date of the business combination, the book values of Smart's assets and liabilities approximated fair value except for inventory, which had a fair value of $88,000, and buildings and equipment, which had a fair value of $209,000. At December 31, 20X4, Phone reported accounts payable of $13,200 to Smart, which reported an equal amount in its accounts receivable.

Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31, 20X4, for $92,400. At that date, the fair value of the noncontrolling interest was $39,600. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Cash Accounts Receivable Inventory Land Buildings & Equipment. Less: Accumulated Depreciation Investment in Smart Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Phone Corporation $ 53,300 94,000 140,000 73,000 427,000 (162,000) 92,400 $ 717,700 $ 143,500 318,200 66,000 190,000 $ 717,700 Smart Corporation $ 40,000 48,000 82,000 38,000 269,000 (75,000) $402,000 $ 33,000 258,000 31,000 80,000 $402,000 At the date of the business combination, the book values of Smart's assets and liabilities approximated fair value except for inventory, which had a fair value of $88,000, and buildings and equipment, which had a fair value of $209,000. At December 31, 20X4, Phone reported accounts payable of $13,200 to Smart, which reported an equal amount in its accounts receivable.

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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