The balance sheets of E Ltd. and J Ltd. on December 30, Year 6, were as follows: E Ltd. $ 96,650 58,300 230,600 24,650 410,200 $ 109,550 $ 30,100 45,200 46,600 (12,350) $ 410,200 $ 109,550 Cash and receivables Inventory Plant assets (net) Intangible assets Current liabilities Long-term debt Common shares Retained earnings (deficit) Costs of arranging the acquisition Costs of issuing shares $ $ 64,300 98,800 155,600 91,500 On December 31, Year 6, E Ltd. Issued 497 shares, with a fair value of $40 each, for 70% of the outstanding shares of J Ltd. Costs involved in the acquisition, paid in cash, were as follows: Falm S 3 Ltd. $ 20,800 9,650 71,800 7,300 $ 2,630 1,860 4,490 The carrying amounts of J Ltd.'s net assets were equal to fair values on this date except for the following:

The balance sheets of E Ltd. and J Ltd. on December 30, Year 6, were as follows: E Ltd. $ 96,650 58,300 230,600 24,650 410,200 $ 109,550 $ 30,100 45,200 46,600 (12,350) $ 410,200 $ 109,550 Cash and receivables Inventory Plant assets (net) Intangible assets Current liabilities Long-term debt Common shares Retained earnings (deficit) Costs of arranging the acquisition Costs of issuing shares $ $ 64,300 98,800 155,600 91,500 On December 31, Year 6, E Ltd. Issued 497 shares, with a fair value of $40 each, for 70% of the outstanding shares of J Ltd. Costs involved in the acquisition, paid in cash, were as follows: Falm S 3 Ltd. $ 20,800 9,650 71,800 7,300 $ 2,630 1,860 4,490 The carrying amounts of J Ltd.'s net assets were equal to fair values on this date except for the following:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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