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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Pin and San Corporations

Prepare balance sheet after acquisition

Comparative balance sheets for Pin and San Corporations at December 31, 2010, are as follows (in thousands):

	Pin	San
Current assets	$ 520	$ 240
Land	200	400
Buildings—net	1,200	400
Equipment—net	880	960
Total assets	$2,800	$2,000
Current liabilities	$ 200	$ 240
Capital stock, $10 par	2,000	800
Additional paid-in capital	200	560
Retained earnings	400	400
Total equities	$2,800	$2,000

On January 2, 2011, Pin issues 60,000 shares of its stock with a market value of $40 per share for all the outstanding shares of San Corporation in an acquisition. San is dissolved. The recorded book values reflect fair values, except for the buildings of Pin, which have a fair value of $1,600,000, and the current assets of San, which have a fair value of $400,000.

Pin pays the following expenses in connection with the business combination:

Costs of registering and issuing securities	$60,000
Other direct costs of combination	100,000

REQUIRED: Prepare the balance sheet of Pin Corporation immediately after the acquisition.

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Status NEW Posted 25 Sep 2017 01:09 PM My Price 9.00

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