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The Stockholders' Equities of Penn Corporation and Simon Corporation Were

Question 37

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The stockholders' equities of Penn Corporation and Simon Corporation were as follows on January 1,2016:
The stockholders' equities of Penn Corporation and Simon Corporation were as follows on January 1,2016: On January 2,2016 Penn Corp.issued 100,000 of its shares with a market value of $14 per share in exchange for all of Simon's shares,and Simon Corp.was dissolved.Penn Corp.paid $10,000 to register and issue the new common shares. Required: Prepare the stockholders' equity section of Penn Corp.balance sheet after the business combination on January 2,2016. On January 2,2016 Penn Corp.issued 100,000 of its shares with a market value of $14 per share in exchange for all of Simon's shares,and Simon Corp.was dissolved.Penn Corp.paid $10,000 to register and issue the new common shares.
Required:
Prepare the stockholders' equity section of Penn Corp.balance sheet after the business combination on January 2,2016.

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