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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Pet Corporation

Prepare balance sheet after an acquisition

On January 2, 2011, Pet Corporation enters into a business combination with Sea Corporation in which Sea is dissolved. Pet pays $1,650,000 for Sea, the consideration consisting of 66,000 shares of Pet $10 par common stock with a market value of $25 per share. In addition, Pet pays the following expenses in cash at the time of the merger:

Finders’ fee

$ 70,000

Accounting and legal fees

130,000

Registration and issuance costs of securities

80,000
 

$280,000

Balance sheet and fair value information for the two companies on December 31, 2010, immediately before the merger, is as follows (in thousands):

 

Pet Book Value

Sea Book Value

Sea Fair Value

Cash

$ 300

$ 60

$ 60

Accounts receivable—net

460

100

80

Inventories

1,040

160

240

Land

800

200

300

Buildings—net

2,000

400

600

Equipment—net

1,000

600

500

Total assets

$5,600

$1,520

$1,780

Accounts payable

$ 600

$ 80

$ 80

Note payable

1,200

400

360

Capital stock, $10 par

1,600

600

  

Other paid-in capital

1,200

100

  

Retained earnings

1,000

340

  

Total liabilities and owners’ equity

$5,600

$1,520

  

REQUIRED : Prepare a balance sheet for Pet Corporation as of January 2, 2011, immediately after the merger, assuming the merger is treated as an acquisition.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 12:09 PM My Price 9.00

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