Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 10.00

Westmont Company

The following book and fair values were available for Westmont Company as of March 1.

Book Value

Fair Value

Inventory

$630,000

$600,000

Land

750,000

990,000

Buildings

1,700,000

2,000,000

Customer relationships

–0–

800,000

Accounts payable

-80,000

80,000

Common stock

2,000,000

Additional paid-in capital

500,000

Retained earnings 1/1

360,000

Revenues

420,000

Expenses

280,000

Arturo Company pays $4,000,000 cash and issues 20,000 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont’s common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $25,000 and Arturo pays $42,000 for legal fees to complete the transaction. Prepare Arturo’s journal entry to record its acquisition of Westmont;

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Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 07:09 PM My Price 10.00

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