On January 1, NewTune Company exchanges 17,543 shares of its common stock for all of the outstanding shares of On-the-Go, Incorporated. Each of NewTune's shares has a $4 par value and a $50 fair value. The fair value of the stock exchanged in the acquisition was considered equal to On-the-Go's fair value. NewTune also paid $33,400 in stock registration and issuance costs in connection with the merger. Several of On-the-Go's accounts' fair values differ from their book values on this date (credit balances in parentheses): Receivables Trademarks Items Record music catalog In-process research and development Notes payable Book Values $ 57,750 109,250 Fair Values $ 54,700 257,000 81,750 274,500 216,000 (58,000) (48,900) Precombination book values for the two companies are as follows: Items Cash Receivables Trademarks Record music catalog Equipment (net) Totals Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings Totals NewTune) $ 68,500 134,500 415,000 885,000 330,000 $ 1,833,000 $ (189,000) (431,000) (400,000) (30,000) (783,000) $ (1,833,000) On-the-Go $ 37,750 57,750 109,250 81,750 112,000 $ 398,500 $ (54,000) (58,000) (50,000) (30,000) (206,500) $ (398,500) Required: a. Assume that this combination is a statutory merger so that On-the-Go's accounts will be transferred to the records of NewTune. On- the-Go will be dissolved and will no longer exist as a legal entity. Prepare a postcombination balance sheet for NewTune as of the acquisition date. b. Assume that no dissolution takes place in connection with this combination. Rather, both companies retain their separate legal identities. Prepare a worksheet to consolidate the two companies as of the combination date. Complete this question by entering your answers in the tabs below.

St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.

Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.

Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.

Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?

Brown Corporation issues 800 shares of its 5 par common stock for 20 per share. Prepare the journal entry to record this transaction.

James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.

On July 1, TruData Company issues 10,200 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. Revenues (1/1 to 7/1) Expenses (1/1 to 7/1) Retained earnings, 1/1 Cash and receivables Inventory Patented technology (net) Land Buildings and equipment (net) Liabilities Common stock Additional paid-in capital Webstat Webstat Book Values Book Values Fair Values $ (309,200) 196,000 (122,000) 162,000 164,000 224,000 398,000 88,000 (500,000) (292,000) (8,800) TruData $ (162,000) 94,000 (154,000) 62,000 162,000 190,000 208,000 90,000 (376,000) (78,000) (36,000) $ 62,000 180,000 204,000 236,000 90,000 (354,000) On its acquisition-date consolidated balance sheet, what amount should TruData report as retained earnings as of July 1?

Problems 15 through 18 are based on the following information: On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $40 fair value in exchange for all of Webstat Company's outstanding voting shares. Webstat's precombination book and fair values are shown along with book values for TruData's accounts as follows: Revenues (1/1 to 7/1) Expenses (1/1 to 7/1) Retained earnings, 1/1 Cash and receivables TruData Book Values Inventory Patented technology (net) Land Webstat Book Values Webstat Fair Values $(130,000) $(250,000) 170,000 80,000 (130,000) (150,000) 140,000 60,000 190,000 145,000 230,000 180,000 400,000 200,000 Buildings and equipment (net) 100,000 75,000 Liabilities (540,000) (360,000) Common stock (70,000) (300,000) (10,000) Additional paid-in capital (30,000) 16. On its acquisition-date consolidated balance sheet, what amount should TruData report as patented technology (net)? a. $200,000 b. $230,000 c. $410,000 d. $430,000 $ 60,000…

On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of Jupiter Co. at $41.80 plus commission charges of $540. On June 1, a cash dividend of $0.80 per share was received. On November 12, 900 shares were sold at $50 less commission charges of $108. At the end of the accounting period on December 31, the fair value of the remaining 1,800 shares of Jupiter Company's stock was $42.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a. Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank. 88 Feb. 22 Investments-Jupiter Co. Stock v Cash Feedback b. Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank. Cash June 1 Dividend Revenue Feedback c. Using the cost method, journalize the entry for the sale of 900…