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Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Inventory Land Accounts Buildings and equipment Franchise agreements Goodwill Revenues Additional paid-in capital Padre Company Book Values $ Expenses Retained earnings, 1/1 Retained earnings, 12/31 12/31 Amounts 317,000 240,000 520, 000 762, 500 672,500 260,000 (354, 000) (109, 000) (1, 132, 500) (660, 000) (70, 000) (402, 500) (980, 000) 936, 000 Sol Company Book Values Fair Values $ 12/31 59, 400 381,000 296, 000 170,000 321, 000 237,000 (149,000) (40, 000) (660, 000) Note: Parentheses indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $219,000 in cash and issuing 15,600 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $26,200 as well as $13,200 in stock issuance costs (210, 000) (90, 000) Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.) (290, 000) (395, 400) 370, 000 12/31 59, 400 381,000 349, 100 142, 900 387, 500 268, 800 (149, 000) (40, 000) (660, 000)

Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Inventory Land Accounts Buildings and equipment Franchise agreements Goodwill Revenues Additional paid-in capital Padre Company Book Values $ Expenses Retained earnings, 1/1 Retained earnings, 12/31 12/31 Amounts 317,000 240,000 520, 000 762, 500 672,500 260,000 (354, 000) (109, 000) (1, 132, 500) (660, 000) (70, 000) (402, 500) (980, 000) 936, 000 Sol Company Book Values Fair Values $ 12/31 59, 400 381,000 296, 000 170,000 321, 000 237,000 (149,000) (40, 000) (660, 000) Note: Parentheses indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $219,000 in cash and issuing 15,600 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $26,200 as well as $13,200 in stock issuance costs (210, 000) (90, 000) Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.) (290, 000) (395, 400) 370, 000 12/31 59, 400 381,000 349, 100 142, 900 387, 500 268, 800 (149, 000) (40, 000) (660, 000)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid- in capital Retained earnings, 1/1 Revenues Expenses Inventory Land Accounts Buildings and equipment Franchise agreements Goodwill Revenues Additional paid-in capital Expenses Retained earnings, 1/1 Retained earnings, 12/31 Padre Company $ Amounts Book Values Book Values 12/31 317,000 240,000 520, 000 762, 500 672, 500 260, 000 (354, 000) (109, 000) (1, 132, 500) (660, 000) Sol Company (70, 000) (402, 500) (980, 000) 936, 000 12/31 59, 400 381,000 296, 000 170,000 321, 000 237,000 (149, 000) (40, 000) (660, 000) (210, 000) (90, 000) (290, 000) (395, 400) 370,000 Note: Parentheses indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $219,000 in cash and issuing 15,600 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $26,200 as well as $13,200 in stock issuance costs. Fair Values Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.) 12/31 59, 400 381, 000 349, 100 142, 900 387, 500 268, 800 (149,000) (40, 000) (660, 000)
Transcribed Image Text:Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid- in capital Retained earnings, 1/1 Revenues Expenses Inventory Land Accounts Buildings and equipment Franchise agreements Goodwill Revenues Additional paid-in capital Expenses Retained earnings, 1/1 Retained earnings, 12/31 Padre Company $ Amounts Book Values Book Values 12/31 317,000 240,000 520, 000 762, 500 672, 500 260, 000 (354, 000) (109, 000) (1, 132, 500) (660, 000) Sol Company (70, 000) (402, 500) (980, 000) 936, 000 12/31 59, 400 381,000 296, 000 170,000 321, 000 237,000 (149, 000) (40, 000) (660, 000) (210, 000) (90, 000) (290, 000) (395, 400) 370,000 Note: Parentheses indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $219,000 in cash and issuing 15,600 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $26,200 as well as $13,200 in stock issuance costs. Fair Values Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.) 12/31 59, 400 381, 000 349, 100 142, 900 387, 500 268, 800 (149,000) (40, 000) (660, 000)
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