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Porpoise Corporation Acquired Sims Company Through an Exchange of Common

Question 9

Multiple Choice

Porpoise Corporation acquired Sims Company through an exchange of common shares. All of Sims' assets and liabilities were immediately transferred to Porpoise. Porpoise Company's common stock was trading at $20 per share at the time of exchange. The following selected information is also available: Porpoise Corporation acquired Sims Company through an exchange of common shares. All of Sims' assets and liabilities were immediately transferred to Porpoise. Porpoise Company's common stock was trading at $20 per share at the time of exchange. The following selected information is also available: What number of shares was issued at the time of the exchange? A) 5,000 B) 17,500 C) 12,500 D) 10,000 What number of shares was issued at the time of the exchange?


A) 5,000
B) 17,500
C) 12,500
D) 10,000

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