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Category > Accounting Posted 10 Sep 2017 My Price 10.00

Frost Company

Journal Entries to Record a Business Combination

On January 1, 20X2, Frost Company acquired all of TKK Corporation’s assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance sheet data for TKK at the time of acquisition were as follows:

Balance Sheet Item

Historical Cost

Fair Value

Cash & Receivables

$ 28,000

$ 28,000

Inventory

94,000

122,000

Buildings & Equipment

600,000

470,000

Less: Accumulated Depreciation

(240,000)

  

Total Assets

$ 482,000

$620,000

Accounts Payable

$ 41,000

$ 41,000

Notes Payable

65,000

63,000

Common Stock ($10 par value)

160,000

  

Retained Earnings

216,000

  

Total Liabilities & Equities

$ 482,000

  

Frost paid legal fees for the transfer of assets and liabilities of $14,000. Frost also paid audit fees of $21,000 and listing application fees of $7,000, both related to the issuance of new shares.

Required

Prepare the journal entries made by Frost to record the business combination.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 03:09 PM My Price 10.00

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