PROBLEMA II. On January 1, 20X1, Romaly Corporation purchased the net assets of Lulor Company for $1,500,000. On this date, a condensed balance sheet for Lulor showed: Account Name Current Assets Long-Term Investments in Securities Land Building (net) Total Assets Current Liabilities Long-Term Liabilities Common Stock (no-par) Retained Earnings Total Liabilities & Stockholders' Equity DATE GENERAL JOURNAL Land Building Total ACCOUNT NAME Remaining amount assignable to Land and Building: Book Value $ Required: Record the entry on Romaly's books for the acquisition of Lulor's net assets. Prepare supporting schedules as necessary. SOLUCIÓN PROBLEMA II 500,000 200,000 100,000 700,000 $1,500,000 P/R $300,000 550,000 300,000 350,000 $1,500,000 Fair Value DEBIT $800,000 150,000 600,000 900,000 $300,000 600,000 CREDIT Fair Value % of Total Fair Value Total Cost Assignable Assigned Value

PROBLEMA II. On January 1, 20X1, Romaly Corporation purchased the net assets of Lulor Company for $1,500,000. On this date, a condensed balance sheet for Lulor showed: Account Name Current Assets Long-Term Investments in Securities Land Building (net) Total Assets Current Liabilities Long-Term Liabilities Common Stock (no-par) Retained Earnings Total Liabilities & Stockholders' Equity DATE GENERAL JOURNAL Land Building Total ACCOUNT NAME Remaining amount assignable to Land and Building: Book Value $ Required: Record the entry on Romaly's books for the acquisition of Lulor's net assets. Prepare supporting schedules as necessary. SOLUCIÓN PROBLEMA II 500,000 200,000 100,000 700,000 $1,500,000 P/R $300,000 550,000 300,000 350,000 $1,500,000 Fair Value DEBIT $800,000 150,000 600,000 900,000 $300,000 600,000 CREDIT Fair Value % of Total Fair Value Total Cost Assignable Assigned Value

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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