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- On 1/1/2020, X Company acquired 100% of Y Company's Net assets for $150,000 cash. The Book value of Y's Net assets was equal to the fair value of Y Company's net assets at the date of acquisition except for Land (included in fixed assets) its market value was less than the book value by $1,000, the balance sheet data at 1/1/2020, are as follows: item X co Y co cash 404,000 150,000 Fixed assets 100,000 66,000 Liabilities 144,000 72,000 Common stock 120,000 60,000 Retained earning 240,000 84,000 required: if the acquisition are merger record the journal entries and prepare x balance sheet after the mergerPlanter Corporation used debentures with a par value of $644,000 to acquire 100 percent of Sorden Company's net assets on January 1, 20X2. On that date, the fair value of the bonds issued by Planter was $627,000. The following balance sheet data were reported by Sorden: Balance Sheet Item Assets Cash and Receivables Inventory Land Plant and Equipment Less: Accumulated Depreciation Goodwill Total Assets Liabilities and Equities Accounts Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Equities Historical Cost $ 56,000 114,000 64,000 414,000 (154,000) 12,000 $ 506,000 $ 49,000 84,000 57,000 316,000 $ 506,000 Fair Value $ 48,000 182,000 92,000 290,000 $ 612,000 $ 49,000 Required: Prepare the journal entry that Planter recorded at the time of exchange. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the “Investment in F” account on S’s financial records at the acquisition date?
- HELP MEOn August 1, 20x1, German Corp. acquired all the identifiable assets and assumed the liabilities of Marasigan Corp. by paying cash of P6,000,00O. Marasigan Corp assets and liabilities have a book values of P7,000,000 and P2,200,000, respectively. The book value of assets and liabilities of Marasigan Corp. is equal to its fair value, except for inventory which is overvalued by P50,000; undervalued building of P400,000; and undervalued accounts payable of P20,000. German Corp. also paid general and administrative cost of P5,000; finder's fee of P6,000 and accountants fee of P25,00O. What is the total amount of goodwill after business combination?Puncho Company is acquiring the net assets of Semos Company in exchange for common stock valued at $900,000. The Semos identifiable net assets have book and fair values of $400,000 and $800,000, respectively. Compare accounting for the acquisition (including assignment of the price paid) by Puncho with accounting for the sale by Semos.
- 1. S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the "Investment in F" account on S's financial records at the acquisition date? * Book Value Market Value P30,000 Cash and Receivables P30,000 100,000 210,000 Inventory Plant Assets (net) Current Liabilities 120,000 300,000 (45,000) (115,000) (45,000) (115,000) (10,000) (170,000) Long-term Debf Common Stock Retained EarningsABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of purchase differential recognized on the acquisition date consolidated balance sheet with respect to plant assets. *In good accounting form, please. Thank you!Hello Corp. acquired 80% of outstanding shares of Piknik Inc. the stock acquisition resulted to a goodwill of P700,000. The consideration transferred by Xiao Long Bao Corp. and fair value of net assets of Piknik Inc. amounted to P4,200,000 and 4,500,000, respectively. How much is the control premium? a. 100,000 b. 200,000 c. 1,000,000 d. None of the above
- On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation had the following book and market values at acquisition date. In good accounting form, please. Thank you! <33How much is the consolidated profit? On January 2, 2021, ABC Co. acquired 60% interest in DDD Corp. for P360,000. Information on DDD Corp's financial position on acquisition date follows: > The identifiable assets and liabilities approximated their fair values except for inventories with carrying amount of P144,000 and fair value of P96,000 and building with carrying value amount of P240,000 and fair value of P250,000. The building has a remaining useful life of 8 years. > DDD Corp's retained earnings was P48,000 > Non-controlling interest is measured at a fair value of P240,000 A summary of the individual financial information of the entities on December 31, 2021 is shown below: DDD Corp. 550,000 АВС Со. Total Assets 1,550,000 Total Liabilities 132,000 34,000 Share Capital Retained Earnings 300,000 1,200,000 118,000 316,000 Sales Cost of Sales 350,000 700,000 80,000 200,000 Other Operating expenses 200,000 400,000From the data given, compute the goodwill or gain from bargain purchase for the different items. If CARDO Co purchases the net assets of SYANO Co by issuing 5,000 shares of their P20 par value shares with a fair value of P40 per share, incurs a mortgage loan for P90,000, pays P150,000 cash and paying direct, indirect and stock issue costs of P75,000, P50,000 and P40,000 respective. What is the amount of GOODWILL?