Maurice Tutor

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Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 1 Day Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 9.00

Big Company

Assume that Big Company decides to acquire 80% Little Company for $500,000. Prepare the journal entries for a 80% Asset Acquisition (using Big Company Cash)

Big Company Balance Sheet
Assets, Liabilities & Equities Book Value
Cash $2,100,000
AR $10,000
Inventory $200,000
Land $40,000
PP&E $400,000
Accumulated Depreciation -$150,000
Patent $0
    Total Assets $2,600,000
AP $100,000
Common Stock ($10 par) $450,000
Additional Paid In Capital $600,000
Retained Earnings $1,450,000
    Total Liabilities & Equity $2,600,000
Little Company Balance Sheet
Assets, Liabilities & Equities Book Value
Cash $35,000
AR $10,000
Inventory $65,000
Land $40,000
PP&E $400,000
Accumulated Depreciation -$150,000
Patent $0
    Total Assets $400,000
AP $100,000
Common Stock $100,000
Additional Paid In Capital $50,000
Retained Earnings $150,000
    Total Liabilities & Equity $400,000
   
Assume that Book Value = Fair Value

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 06:08 PM My Price 9.00

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