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On its acquisition-date consolidated balance sheet, what amount should trudata report as goodwill?

13/11/2020 Client: papadok01 Deadline: 24 Hours

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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