The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just befo described below, were as follows: Current assets Land Other tangible assets Liabilities Common shares Retained eamings, 1/1/Year Revenues Walla $293,000 613,000 513,000 413,000 213,000 613,000 813,000 633,000 Au Inc. $203,000 463,000 283,000 323,000 63,000 253,000 653,000 Expenses 343,000 On December 31, Year 4, Walla purc hased all of the outstanding shares of Au Inc. common shares with a market value of $30 per share. The carrying amounts of Au liabilities were equal to fair value except for the following: Fair Value $513,000 343,000 Land Liabilities Required: What are the balances for the land, goodwill, investment in common shares, liabilities and revenues after the transaction noted above on (Leave no cells blank - be cer wherever required.)
The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just befo described below, were as follows: Current assets Land Other tangible assets Liabilities Common shares Retained eamings, 1/1/Year Revenues Walla $293,000 613,000 513,000 413,000 213,000 613,000 813,000 633,000 Au Inc. $203,000 463,000 283,000 323,000 63,000 253,000 653,000 Expenses 343,000 On December 31, Year 4, Walla purc hased all of the outstanding shares of Au Inc. common shares with a market value of $30 per share. The carrying amounts of Au liabilities were equal to fair value except for the following: Fair Value $513,000 343,000 Land Liabilities Required: What are the balances for the land, goodwill, investment in common shares, liabilities and revenues after the transaction noted above on (Leave no cells blank - be cer wherever required.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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