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Ex1
Required information
Use the following information to answer questions 15-18
[The following information applies to the questions displayed below.]
On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $50 fair value in exchange for all of Webstat Company’s outstanding voting shares. Webstat’s precombination book and fair values are shown below along with book values for TruData’s accounts.
TruData
Webstat
Webstat
Book Values
Book Values
Fair Values
Revenues (1/1 to 7/1)
$
(288,200
)
$
(172,000
)
Expenses (1/1 to 7/1)
192,000
86,000
Retained earnings, 1/1
(134,000
)
(140,000
)
Cash and receivables
168,000
76,000
$
76,000
Inventory
186,000
148,000
170,000
Patented technology (net)
228,000
178,000
202,000
Land
382,000
198,000
238,000
Buildings and equipment (net)
102,000
90,000
90,000
Liabilities
(532,000
)
(370,000
)
(346,000
)
Common stock
(294,000
)
(62,000
)
Additional paid-in capital
(9,800
)
(32,000
)
rev: 05_10_2017_QC_CS-88998, 05_18_2017_QC_CS-89463
Problem 2-15 (LO 2-5, 2-9, 2-10)
On its acquisition-date consolidated balance sheet, what amount should TruData report as goodwill?
Multiple Choice
Top of Form
·
$0.
·
$344,000.
·
$70,000.
·
$180,000.
Bottom of Form
Ex2
Required information
Use the following information to answer questions 15-18
[The following information applies to the questions displayed below.]
On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $50 fair value in exchange for all of Webstat Company’s outstanding voting shares. Webstat’s precombination book and fair values are shown below along with book values for TruData’s accounts.
TruData
Webstat
Webstat
Book Values
Book Values
Fair Values
Revenues (1/1 to 7/1)
$
(288,200
)
$
(172,000
)
Expenses (1/1 to 7/1)
192,000
86,000
Retained earnings, 1/1
(134,000
)
(140,000
)
Cash and receivables
168,000
76,000
$
76,000
Inventory
186,000
148,000
170,000
Patented technology (net)
228,000
178,000
202,000
Land
382,000
198,000
238,000
Buildings and equipment (net)
102,000
90,000
90,000
Liabilities
(532,000
)
(370,000
)
(346,000
)
Common stock
(294,000
)
(62,000
)
Additional paid-in capital
(9,800
)
(32,000
)
rev: 05_10_2017_QC_CS-88998, 05_18_2017_QC_CS-89463
Problem 2-16 (LO 2-5)
On its acquisition-date consolidated balance sheet, what amount should TruData report as patented technology (net)?
Multiple Choice
Top of Form
·
$430,000.
·
$202,000.
·
$228,000.
·
· $418,000.
·
Bottom of Form
Ex3
Required information
Use the following information to answer questions 15-18
[The following information applies to the questions displayed below.]
On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $50 fair value in exchange for all of Webstat Company’s outstanding voting shares. Webstat’s precombination book and fair values are shown below along with book values for TruData’s accounts.
TruData
Webstat
Webstat
Book Values
Book Values
Fair Values
Revenues (1/1 to 7/1)
$
(288,200
)
$
(172,000
)
Expenses (1/1 to 7/1)
192,000
86,000
Retained earnings, 1/1
(134,000
)
(140,000
)
Cash and receivables
168,000
76,000
$
76,000
Inventory
186,000
148,000
170,000
Patented technology (net)
228,000
178,000
202,000
Land
382,000
198,000
238,000
Buildings and equipment (net)
102,000
90,000
90,000
Liabilities
(532,000
)
(370,000
)
(346,000
)
Common stock
(294,000
)
(62,000
)
Additional paid-in capital
(9,800
)
(32,000
)
rev: 05_10_2017_QC_CS-88998, 05_18_2017_QC_CS-89463
Problem 2-17 (LO 2-5, 2-7)
On its acquisition-date consolidated balance sheet, what amount should TruData report as common stock?
Multiple Choice
Top of Form
·
$294,000.
·
$62,000.
·
$344,000.
·
$356,000.
Bottom of Form
Ex4
Required information
Use the following information to answer questions 15-18
[The following information applies to the questions displayed below.]
On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $50 fair value in exchange for all of Webstat Company’s outstanding voting shares. Webstat’s precombination book and fair values are shown below along with book values for TruData’s accounts.
TruData
Webstat
Webstat
Book Values
Book Values
Fair Values
Revenues (1/1 to 7/1)
$
(288,200
)
$
(172,000
)
Expenses (1/1 to 7/1)
192,000
86,000
Retained earnings, 1/1
(134,000
)
(140,000
)
Cash and receivables
168,000
76,000
$
76,000
Inventory
186,000
148,000
170,000
Patented technology (net)
228,000
178,000
202,000
Land
382,000
198,000
238,000
Buildings and equipment (net)
102,000
90,000
90,000
Liabilities
(532,000
)
(370,000
)
(346,000
)
Common stock
(294,000
)
(62,000
)
Additional paid-in capital
(9,800
)
(32,000
)
rev: 05_10_2017_QC_CS-88998, 05_18_2017_QC_CS-89463
Problem 2-18 (LO 2-5, 2-7)
On its acquisition-date consolidated balance sheet, what amount should TruData report as retained earnings as of July 1?
Multiple Choice
Top of Form
·
$298,000.
·
$230,200.
·
$586,200.
·
$134,000.
Bottom of Form
Ex5
Problem 2-22 (LO 2-6a, 2-6b)
The following book and fair values were available for Westmont Company as of March 1.
Book Value
Fair Value
Inventory
$
609,250
$
572,250
Land
755,250
1,050,000
Buildings
1,800,000
2,152,500
Customer relationships
0
849,750
Accounts payable
(91,000
)
(91,000
)
Common stock
(2,000,000
)
Additional paid-in capital
(500,000
)
Retained earnings 1/1
(416,500
)
Revenues
(481,500
)
Expenses
324,500
Arturo Company pays $4,150,000 cash and issues 20,900 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont’s common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $28,600 and Arturo pays $44,600 for legal fees to complete the transaction.
Prepare Arturo’s journal entry to record its acquisition of Westmont. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Ex6
Required information
Use the following information to answer questions 19-20
[The following information applies to the questions displayed below.]
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:
BALANCE SHEETS
December 31, 2017
Patrick
Sean
Cash
$
74,000
$
52,000
Accounts receivable (net)
130,000
40,000
Inventories
86,000
72,000
Plant and equipment (net)
622,000
278,000
Investment in Sean
468,000
-
Total assets
$
1,380,000
$
442,000
Accounts payable
156,000
84,000
Long-term debt
116,000
20,000
Common stock ($10 par)
308,000
44,000
Additional paid-in capital
10,000
Retained earnings
800,000
284,000
Total liabilities and shareholders' equity
$
1,380,000
$
442,000
Additional Information:
· On December 31, 2017, Patrick acquired 100 percent of Sean’s voting stock in exchange for $468,000.
· At the acquisition date, the fair values of Sean’s assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean’s inventory were $22,000 more than their carrying amounts.
Problem 2-19 (LO 2-4, 2-5)
In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?-88999
Top of Form
·
$1,380,000
·
$1,360,000
·
$1,952,000
·
$1,484,000
Ex7
Required information
Use the following information to answer questions 19-20
[The following information applies to the questions displayed below.]
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:
BALANCE SHEETS
December 31, 2017
Patrick
Sean
Cash
$
74,000
$
52,000
Accounts receivable (net)
130,000
40,000
Inventories
86,000
72,000
Plant and equipment (net)
622,000
278,000
Investment in Sean
468,000
-
Total assets
$
1,380,000
$
442,000
Accounts payable
156,000
84,000
Long-term debt
116,000
20,000
Common stock ($10 par)
308,000
44,000
Additional paid-in capital
10,000
Retained earnings
800,000
284,000
Total liabilities and shareholders' equity
$
1,380,000
$
442,000
Additional Information:
· On December 31, 2017, Patrick acquired 100 percent of Sean’s voting stock in exchange for $468,000.
· At the acquisition date, the fair values of Sean’s assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean’s inventory were $22,000 more than their carrying amounts.
Problem 2-20 (LO 2-4, 2-5)
In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders’ equity should be reported?
Multiple Choice
Top of Form
·
$1,130,000
·
$1,108,000
·
$1,086,000
·
$1,346,000
Bottom of Form
Bottom of Form
Ex8
Problem 2-11 (LO 2-5)
On June 1, Cline Co. paid $966,500 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow:
Cash
$
151,000
Accounts receivable
205,500
Capitalized software costs
332,000
Goodwill
189,000
Liabilities
(135,000
)
Net assets
$
742,500
On June 1, Renn’s accounts receivable had a fair value of $145,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $252,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill?
Multiple Choice
Top of Form
·
$332,000.
·
$161,000.
·
$28,000.
·
$221,500
Bottom of Form
Ex9
Required information
Use the following information to answer questions 12-13
[The following information applies to the questions displayed below.]
On May 1, Donovan Company reported the following account balances:
Current assets
$
114,500
Buildings & equipment (net)
223,000
Total assets
$
337,500
Liabilities
$
64,500
Common stock
150,000
Retained earnings
123,000
Total liabilities and equities
$
337,500
On May 1, Beasley paid $451,800 in stock (fair value) for all of the assets and liabilities of Donovan, which will cease to exist as a separate entity. In connection with the merger, Beasley incurred $17,000 in accounts payable for legal and accounting fees.
Beasley also agreed to pay $82,900 to the former owners of Donovan contingent on meeting certain revenue goals during the following year. Beasley estimated the present value of its probability adjusted expected payment for the contingency at $21,100. In determining its offer, Beasley noted the following:
· Donovan holds a building with a fair value $38,600 more than its book value.
· Donovan has developed unpatented technology appraised at $27,700, although is it not recorded in its financial records.
· Donovan has a research and development activity in process with an appraised fair value of $49,200. The project has not yet reached technological feasibility.
· Book values for Donovan’s current assets and liabilities approximate fair values.
Problem 2-12 (LO 2-4, 2-5)
12. What should Beasley record as total liabilities incurred or assumed in connection with the Donovan merger?
Multiple Choice
Top of Form
·
$81,500.
·
$102,600.
·
$150,000.
·
$17,000.
Bottom of Form
Ex10
Required information
Use the following information to answer questions 12-13
[The following information applies to the questions displayed below.]
On May 1, Donovan Company reported the following account balances:
Current assets
$
114,500
Buildings & equipment (net)
223,000
Total assets
$
337,500
Liabilities
$
64,500
Common stock
150,000
Retained earnings
123,000
Total liabilities and equities
$
337,500
On May 1, Beasley paid $451,800 in stock (fair value) for all of the assets and liabilities of Donovan, which will cease to exist as a separate entity. In connection with the merger, Beasley incurred $17,000 in accounts payable for legal and accounting fees.
Beasley also agreed to pay $82,900 to the former owners of Donovan contingent on meeting certain revenue goals during the following year. Beasley estimated the present value of its probability adjusted expected payment for the contingency at $21,100. In determining its offer, Beasley noted the following:
· Donovan holds a building with a fair value $38,600 more than its book value.
· Donovan has developed unpatented technology appraised at $27,700, although is it not recorded in its financial records.
· Donovan has a research and development activity in process with an appraised fair value of $49,200. The project has not yet reached technological feasibility.
· Book values for Donovan’s current assets and liabilities approximate fair values.
Problem 2-13 (LO 2-5, 2-8)
13. How much should Beasley record as total assets acquired in the Donovan merger?
Multiple Choice
Top of Form
·
$472,900.
·
$537,400.
·
$451,800.
·
$517,600.
Bottom of Form
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