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How much should beasley record as total assets acquired in the donovan merger?

15/12/2020 Client: saad24vbs Deadline: 2 Day

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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