Please help me. Thankyou. The financial statements for Campbell, Inc., and Newton Company for the year ended December 31, 2021, prior to the business combinationwhereby Campbell acquired Newton, are as follows (in thousands):RevenuesExpensesNet incomeRetained earnings, 1/1.Net incomeDividendsRetained earning, 12/31CashReceivables and inventoryBuildings (net)Equipment (net)Total assets.LiabilitiesCommon stockAdditional paid-in capitalRetained earnings:Total liabilities & stockholders equityCampbell Newton$2,600 $ 7001,880400$ 720300$2,400720(270)$2,850$ 2401, 2002,7002,100$6,240$$$$8002303606581, 30015003000$2,540$1,500 $1,0808102,850$6,240720400620800$2,540On December 31, 2021, Campbell obtained a loan for $650 and used the proceeds, along with the transfer of 35 shares of its $10 par valuecommon stock, in exchange for all of Newton's common stock. At the time of the transaction, Campbell's common stock had a fair value of$40 per share. In connection with the business combination, Campbell paid $25 to a broker for arranging the transaction and $30 in stock issuance costs.At the time of the transaction, Newton's equipment was actually worth $1,450 but its buildings were only valued at $590.Compute the consolidated common stock account at December 31, 2021.Multiple Choice$1,480$1.080$1.830$1.430.♡

Business Combination - Under the situation of business combination whenever the parent company…

The financial statements for Campbell, Inc., and Newton Company for the year ended December 31, 2021, prior to the business combination whereby Campbell acquired Newton, are as follows (in thousands): Revenues Expenses Net income Retained earnings, 1/1 Net income Dividends Retained earning, 12/31 Cash Receivables and inventory Buildings (net) Equipment (net) Total assets. Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities & stockholders equity Campbell $2,600 1,880 $ 720 $ 300 $ $2,400 720 (270) $2,850 Newton $ 700 400 $ 240 1,200 2,700 2,100. 500 300 0 $ 800 $ $6,240 $1,500 $ 1.080 810 2,850 $6,240 230 360 650 1,300 $2,540 720 400 620 800 $2,540 On December 31, 2021, Campbell obtained a loan for $650 and used the proceeds, along with the transfer of 35 shares of its $10 par value common stock, in exchange for all of Newton's common stock. At the time of the transaction, Campbell's common stock had a fair value of $40 per share.

The financial statements for Campbell, Inc., and Newton Company for the year ended December 31, 2021, prior to the business combination whereby Campbell acquired Newton, are as follows (in thousands): Revenues Expenses Net income Retained earnings, 1/1 Net income Dividends Retained earning, 12/31 Cash Receivables and inventory Buildings (net) Equipment (net) Total assets. Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities & stockholders equity Campbell $2,600 1,880 $ 720 $ 300 $ $2,400 720 (270) $2,850 Newton $ 700 400 $ 240 1,200 2,700 2,100. 500 300 0 $ 800 $ $6,240 $1,500 $ 1.080 810 2,850 $6,240 230 360 650 1,300 $2,540 720 400 620 800 $2,540 On December 31, 2021, Campbell obtained a loan for $650 and used the proceeds, along with the transfer of 35 shares of its $10 par value common stock, in exchange for all of Newton's common stock. At the time of the transaction, Campbell's common stock had a fair value of $40 per share.

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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