PROBLEMA II. On January 1, 20X1, Romaly Corporation purchased the net assets of Lulor Company for $1,500,000. On this date, a condensed balance sheet for Lulor showed: Account Name Current Assets Long-Term Investments in Securities Land Building (net) Total Assets Current Liabilities Long-Term Liabilities Common Stock (no-par) Retained Earnings Total Liabilities & Stockholders' Equity DATE GENERAL JOURNAL Land Building Total ACCOUNT NAME Remaining amount assignable to Land and Building: Book Value $ Required: Record the entry on Romaly's books for the acquisition of Lulor's net assets. Prepare supporting schedules as necessary. SOLUCIÓN PROBLEMA II 500,000 200,000 100,000 700,000 $1,500,000 P/R $300,000 550,000 300,000 350,000 $1,500,000 Fair Value DEBIT $800,000 150,000 600,000 900,000 $300,000 600,000 CREDIT Fair Value % of Total Fair Value Total Cost Assignable Assigned Value
PROBLEMA II. On January 1, 20X1, Romaly Corporation purchased the net assets of Lulor Company for $1,500,000. On this date, a condensed balance sheet for Lulor showed: Account Name Current Assets Long-Term Investments in Securities Land Building (net) Total Assets Current Liabilities Long-Term Liabilities Common Stock (no-par) Retained Earnings Total Liabilities & Stockholders' Equity DATE GENERAL JOURNAL Land Building Total ACCOUNT NAME Remaining amount assignable to Land and Building: Book Value $ Required: Record the entry on Romaly's books for the acquisition of Lulor's net assets. Prepare supporting schedules as necessary. SOLUCIÓN PROBLEMA II 500,000 200,000 100,000 700,000 $1,500,000 P/R $300,000 550,000 300,000 350,000 $1,500,000 Fair Value DEBIT $800,000 150,000 600,000 900,000 $300,000 600,000 CREDIT Fair Value % of Total Fair Value Total Cost Assignable Assigned Value
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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H1.
Transcribed Image Text:PROBLEMA II. On January 1, 20X1, Romaly Corporation purchased the net assets of Lulor
Company for $1,500,000. On this date, a condensed balance sheet for Lulor showed:
Account Name
Current Assets
Long-Term Investments in Securities
Land
Building (net)
Total Assets
Current Liabilities
Long-Term Liabilities
Common Stock (no-par)
Retained Earnings
Total Liabilities & Stockholders' Equity
DATE
GENERAL JOURNAL
Land
Building
Total
ACCOUNT NAME
Remaining amount assignable to Land and Building:
Book Value
$
Required: Record the entry on Romaly's books for the acquisition of Lulor's net assets. Prepare
supporting schedules as necessary.
SOLUCIÓN PROBLEMA II
500,000
200,000
100,000
700,000
$1,500,000
P/R
$300,000
550,000
300,000
350,000
$1,500,000
Fair Value
DEBIT
$800,000
150,000
600,000
900,000
$300,000
600,000
CREDIT
Fair Value % of Total Fair Value Total Cost Assignable Assigned Value
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