Chat with AI
Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910 Exercise 58
Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2012: 
On January 1, 2012, Penske acquired all of Stanza's outstanding stock for $680,000 fair value in cash and common stock.Penske also paid $10,000 in stock issuance costs.At the date of acquisition copyrights (with a six-year remaining life) have a $440,000 book value but a fair value of $560,000.
a.As of December 31, 2012, what is the consolidated copyrights balance
b.For the year ending December 31, 2012, what is consolidated Net Income
c.As of December 31, 2012, what is the consolidated Retained Earnings balance
d.As of December 31, 2012, what is the consolidated balance to be reported for goodwill
On January 1, 2012, Penske acquired all of Stanza's outstanding stock for $680,000 fair value in cash and common stock.Penske also paid $10,000 in stock issuance costs.At the date of acquisition copyrights (with a six-year remaining life) have a $440,000 book value but a fair value of $560,000.
a.As of December 31, 2012, what is the consolidated copyrights balance
b.For the year ending December 31, 2012, what is consolidated Net Income
c.As of December 31, 2012, what is the consolidated Retained Earnings balance
d.As of December 31, 2012, what is the consolidated balance to be reported for goodwill
Explanation
Verified
Verified
a.
Calculation of fair value of net asse...
Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
