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Condensed balance sheets for Phillips Company and Solina Company on January 1, 2013, are as follows: On January 1, 2013, the stockholders of Phillips and Solina agreed to a consolidation. Because FA...
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Stockholders of Acme Company, Baltic Company, and Colt Company are considering alternative arrangements for a business combination. Balance sheets and the fair values of each company’...
See AnswerQ: On January 1, 2014, Perez Company acquired all the assets
On January 1, 2014, Perez Company acquired all the assets and assumed all the liabilities of Stalton Company and merged Stalton into Perez. In exchange for the net assets of Stalton, Perez gave its bo...
See AnswerQ: On January 1, 2012, Parker Company purchased 90% of
On January 1, 2012, Parker Company purchased 90% of the outstanding common stock of Sid Company for $180,000. At that time, Sid’s stockholders’ equity consisted of...
See AnswerQ: Pham Company acquired the assets (except for cash) and assumed
Pham Company acquired the assets (except for cash) and assumed the liabilities of Senn Company on January 1, 2014, paying $720,000 cash. Senn Company’s December 31, 2013, balance she...
See AnswerQ: Balance sheets for Salt Company and Pepper Company on December 31,
Balance sheets for Salt Company and Pepper Company on December 31, 2013, follow: Pepper Company tentatively plans to issue 30,000 shares of its $20 par value stock, which has a current market value...
See AnswerQ: Spalding Company has offered to sell to Ping Company its assets at
Spalding Company has offered to sell to Ping Company its assets at their book values plus $1,800,000 representing payment for goodwill. Operating data for 2013 for the two companies are as follows:...
See AnswerQ: On January 1, 2015, Pruitt Company issued 30,
On January 1, 2015, Pruitt Company issued 30,000 shares of its $2 par value common stock for the net assets of Shah Company in a statutory merger accounted for as a purchase. Pruitt’...
See AnswerQ: On February 1, 2014, Punto Company purchased 95% of
On February 1, 2014, Punto Company purchased 95% of the outstanding common stock of Sara Company and 85% of the outstanding common stock of Rob Company. Immediately before the two acquisitions, balanc...
See AnswerQ: On January 1, 2015, Pope Company purchased 90% of
On January 1, 2015, Pope Company purchased 90% of Sun Company’s common stock for $5,800,000 cash. Immediately after the acquisition, the two companies’ balance shee...
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