FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

A 135.

Millicom is acquiring Vikonic's outstanding common stock for $15 million. Financial information (in $ millions) on these two firms prior to the acquisition is as follows: Millicom Vikonic $40 27 13 Total assets, book value Liabilities, book value Stockholders' equity, book value $90 40 50 What are the total assets and stockholders' equity (in $ millions) if the purchase method is used as the accounting method for this merger? O a. Total Asset Base = $63; Shareholders Equity = $130 O b. Total Asset Base = $130; Shareholders Equity = $63 Oc. Total Asset Base = $65; Shareholders Equity = $132 Od. Total Asset Base = $132; Shareholders Equity = $65
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Transcribed Image Text:Millicom is acquiring Vikonic's outstanding common stock for $15 million. Financial information (in $ millions) on these two firms prior to the acquisition is as follows: Millicom Vikonic $40 27 13 Total assets, book value Liabilities, book value Stockholders' equity, book value $90 40 50 What are the total assets and stockholders' equity (in $ millions) if the purchase method is used as the accounting method for this merger? O a. Total Asset Base = $63; Shareholders Equity = $130 O b. Total Asset Base = $130; Shareholders Equity = $63 Oc. Total Asset Base = $65; Shareholders Equity = $132 Od. Total Asset Base = $132; Shareholders Equity = $65
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Step 1: Meaning of business combination
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Step 2: Calculation of Goodwill of Vikonic's net assets
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Step 3: Calculation of total assets
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Step 4: Calculation of total stockholders' equity
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