Required information [The following information applies to the questions displayed below) On July 1, TruData Company issues 11,400 shares of its common stock with a $5 par value and a $40 fair value in exchange for all of Webstat Company's outstanding voting shares. Webstat's precombination book and fair values are shown below along with book values for TruData's accounts. Revenues (1/1 to 7/1) Expenses (1/1 to 7/1) Retained earnings, 1/1 Cash and receivables Inventory Patented technology (net) Land Buildings and equipment (net) Liabilities Connon stock Additional paid-in capital Trubata Webstat Book Values Book Values $ (313,800) $ (182,000) 172,000 (112,000) 176,000 178,000 98,000 (150,000) 220,000 414,000 98,000 (514,000) (310,000) (8,200) Webstat Fair Values 64,000 S 156,000 182,000 216,000 80,000 (360,000) (74,000) (30,000) 64,000 172,000 198,000 244,000 80,000 (340,000) On its acquisition-date consolidated balance sheet, what amount should TruData report as common stock?
Required information [The following information applies to the questions displayed below) On July 1, TruData Company issues 11,400 shares of its common stock with a $5 par value and a $40 fair value in exchange for all of Webstat Company's outstanding voting shares. Webstat's precombination book and fair values are shown below along with book values for TruData's accounts. Revenues (1/1 to 7/1) Expenses (1/1 to 7/1) Retained earnings, 1/1 Cash and receivables Inventory Patented technology (net) Land Buildings and equipment (net) Liabilities Connon stock Additional paid-in capital Trubata Webstat Book Values Book Values $ (313,800) $ (182,000) 172,000 (112,000) 176,000 178,000 98,000 (150,000) 220,000 414,000 98,000 (514,000) (310,000) (8,200) Webstat Fair Values 64,000 S 156,000 182,000 216,000 80,000 (360,000) (74,000) (30,000) 64,000 172,000 198,000 244,000 80,000 (340,000) On its acquisition-date consolidated balance sheet, what amount should TruData report as common stock?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:On its acquisition-date consolidated balance sheet, what amount should TruData report as common stock?
Multiple Choice
$74,000
$310,000.
$367,000.
$384.000
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.)
On July 1, TruData Company issues 11,400 shares of its common stock with a $5 par value and a $40 fair value in
exchange for all of Webstat Company's outstanding voting shares. Webstat's precombination book and fair values are
shown below along with book values for TruData's accounts.
Revenues (1/1 to 7/1)
Expenses (1/1 to 7/1)
Retained earnings, 1/1
Cash and receivables
Inventory
Patented technology (net)
Land
Buildings and equipment (net)
Liabilities
Connon stock
Additional paid-in capital
Webstat
Trubata
Book Values
Book Values
$ (313,800) $ (182,000)
172,000
(112,000)
176,000
178,000
98,000
(150,000)
220,000
414,000
98,000
(514,000)
(310,000)
(8,200)
Webstat
Fair Values
64,000 $
156,000
182,000
216,000
80,000
(160,000)
(74,000)
(30,000)
64,000
172,000
198,000
244,000
80,000
(340,000)
On its acquisition-date consolidated balance sheet, what amount should TruData report as common stock?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education