TruData Webstat Webstat Book Values Book Values Falr Values Revenues (1/1 to 7/1). . Expenses (1/1 to 7/1). Retained earnings, 1/1. Cash and receivables. $(250,000) 170,000 (130,000) 140,000 190,000 230,000 400,000 100,000 (540,000) (300,000) (10,000) $(130,000) 80,000 (150,000) 60,000 $ 60,000 Inventory... Patented technology (net). Land....... Buildings and equipment (net) 145,000 180,000 175,000 200,000 225,000 200,000 75,000 (360,000) (70,000) (30,000) 75,000 Liabilities.... (350,000) Common stock Additional paid-in capital....

Palm Corporation and Staple Company have announced terms of an exchange agreement under which Palm will issue 8,500 shares of its $15 par value common stock to acquire all of Staple Company’s assets. Palm shares currently are trading at $59, and Staple $10 par value shares are trading at $23 each. Historical cost and fair value balance sheet data on January 1, 20X2, are as follows:   Palm Corporation   Staple Company     Balance Sheet Item Book Value Fair Value   Book Value Fair Value     Assets                             Cash & Receivables $ 151,000   $ 151,000     $ 46,000   $ 46,000     Land   110,000     190,000       57,000     83,000     Buildings & Equipment (net)   313,000     411,000       176,000     230,000     Total Assets $ 574,000   $ 752,000     $ 279,000   $ 359,000     Equities                             Common Stock $ 200,000           $ 81,000           Additional Paid-In Capital   18,000             9,900           Retained Earnings…

G Company is considering the takeover of K Company whereby it will issue 8,000 common shares for all of the outstanding shares of K Company. K Company will become a wholly owned subsidiary of G Company. Prior to the acquisition, G Company had 15,000 shares outstanding, which were trading at $9.70 per share. The following information has been assembled: Current assets Plant assets (net) Current liabilities Long-term debt Common shares Retained earnings Current assets Plant assets (net) Goodwill Investment in K Company Acquisition differential Current liabilities Long-term debt Common shares Retained earnings Carrying Amount $67,500 79,000 $146,500 $ 21,900 24,500 67,000 33,100 $146,500 G Company $ $ Fair Value $57,000 89,000 $ (b) Prepare G Company's consolidated balance sheet immediately after the combination using the worksheet approach and the acquisition method. (Leave no cells blank - be certain to enter "0" wherever required. Values in the first two columns and last column (the…

On 1 May 2019, PR Corp purchased 75 per cent of the equity of SS Corp for $2.6 million. The consideration was 35,000 equity shares in PR Corp with a fair value of $2.6 million. The followings are extracts from the draft (not finalised) statements of profit or loss for PR Corp and its subsidiary SS Corp for the year ending 30 June 2019 together with the draft statements of financial position as at 30 June 2019. The profits of SS Corp have been earned evenly throughout the year 2019. Statements of profit or loss for the year ending 30 June 2019   PR Corp ($000)   SS Corp ($000) Gross profit 1,456   960 Profit for the year 920   384   Statements of financial position as at 30 June 2019   PR Corp ($000)   SS Corp ($000) Share capital 2,800   740 Retained earnings 11,600   1,324 Revaluation surplus 120   -   14,520   2,064         PR Corp has not yet accounted for the issue of its own…