Pedro Corporation acquired 80 percent of Strop Company on January 1, 2020, by issuing 29,000 shares of $1 par common stock. The market value of the Pedro stock on this date was $18 per share. Pedro paid $23,000 to a third party for help in arranging the business combination and $31,000 to register and issue the shares issued in the acquisition. REQUIRED: PEDRO’S ACQUISITION DATE_(COMBINED) JOURNAL ENTRY) WOULD INCLUDE: NOTE: BE SURE TO TYPE A SIMPLE NUMBER WITH NÓ COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000.

Pedro Corporation acquired 80 percent of Strop Company on January 1, 2020, by issuing 29,000 shares of $1 par common stock. The market value of the Pedro stock on this date was $18 per share. Pedro paid $23,000 to a third party for help in arranging the business combination and $31,000 to register and issue the shares issued in the acquisition. REQUIRED: PEDRO’S ACQUISITION DATE_(COMBINED) JOURNAL ENTRY) WOULD INCLUDE: NOTE: BE SURE TO TYPE A SIMPLE NUMBER WITH NÓ COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000.

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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