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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:

FINANCIAL ACCOUNTING
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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The carrying amounts of J Ltd.'s net assets were equal to fair values on this date except for the following: Plant assets Long-term debt Fair value $ 65,650 42,600 E Ltd. was identified as the acquirer in the combination. Required: (a) Prepare the consolidated balance sheet of E Ltd. on December 31, Year 6, under the identifiable net assets method. Assets E Ltd. Consolidated Balance Sheet December 31, Year 6
Transcribed Image Text:The carrying amounts of J Ltd.'s net assets were equal to fair values on this date except for the following: Plant assets Long-term debt Fair value $ 65,650 42,600 E Ltd. was identified as the acquirer in the combination. Required: (a) Prepare the consolidated balance sheet of E Ltd. on December 31, Year 6, under the identifiable net assets method. Assets E Ltd. Consolidated Balance Sheet December 31, Year 6
The balance sheets of E Ltd. and J Ltd. on December 30, Year 6, were as follows: 3 Ltd. $ 20,800 E Ltd. $ 96,650 58,300 230,600 24,650 9,650 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. $ $ 410,200 64,300 98,800 155,600 91,500 Fainal.. 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: 71,800 7,300 $ 109,550 $ 30,100 45,200 46,600 (12,350) $ 410,200 $ 109,550 S 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:
Transcribed Image Text:The balance sheets of E Ltd. and J Ltd. on December 30, Year 6, were as follows: 3 Ltd. $ 20,800 E Ltd. $ 96,650 58,300 230,600 24,650 9,650 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. $ $ 410,200 64,300 98,800 155,600 91,500 Fainal.. 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: 71,800 7,300 $ 109,550 $ 30,100 45,200 46,600 (12,350) $ 410,200 $ 109,550 S 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:
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