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Category > Accounting Posted 26 Sep 2017 My Price 9.00

Prego Company

Purchase Using Cash and Using Stock

Balance sheets for Prego Company and Sprague Company as of December 31, 2010, follow:

	Argo Company	Sprague Company
Cash	$ 700,000	$111,000
Accounts receivable (net)	892,000	230,000
Inventory	544,000	60,000
Property and equipment (net)	$1,927,000	$468,000
Land	120,000	94,000
Total assets	$4,183,000	$963,000
Accounts payable	$ 302,000	$152,000
Notes payable	588,000	61,000
Long-tenn debt	350,000	90,000
Common stock	1,800,000	500,000
Other contributed capital	543,000	80,000
Retained earnings	600,000	80,000
Total equities	$4,183,000	$963,000

The fair values of Sprague Company"s assets and liabilities are equal to their book values.

Required:

Prepare a consolidated balance sheet as of January 1, 2011, under each of the following assumptions:

On January 1, 2011, Prego Company purchased 90% of the outstanding common stock of Sprague Company for $594,000.
On January 1, 2011, Prego Company exchanged 11,880 of its $20 par value common shares with a fair value of $50 per share for 90% of the outstanding common shares of Sprague Company. The transaction is a purchase.

Answers

Maurice Tutor

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Status NEW Posted 26 Sep 2017 10:09 PM My Price 9.00

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