Essay
The following are preliminary financial statements for Black Co.and Blue Co.for the year ending December 31,2009.
On December 31,2009 (subsequent to the preceding statements),Black exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Blue.Black's stock on that date has a fair value of $60 per share.Black was willing to issue 10,000 shares of stock because Blue's land was appraised at $204,000.Black also paid $14,000 to several attorneys and accountants who assisted in creating this combination.
Required:
Assuming that these two companies retained their separate legal identities,prepare a consolidation worksheet as of December 31,2009 assuming the transaction is treated as an acquisition combination.
Correct Answer:
Verified
Acquisition Consolid...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q24: REFERENCE: Ref.02_04<br>On January 1,20X1,the Moody company entered
Q26: For each of the following situations,select the
Q27: Direct combination costs and stock issuance costs
Q29: Goodwill is often created,or purchased,during a business
Q30: Which of the following statements is true?<br>A)Pooling
Q31: REFERENCE: Ref.02_03<br>The financial statements for Goodwin,Inc. ,and
Q33: REFERENCE: Ref.02_04<br>On January 1,20X1,the Moody company entered
Q37: What term is used to refer to
Q110: Figure:<br>Flynn acquires 100 percent of the outstanding
Q110: Which of the following statements is true