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Category > Management Posted 10 Oct 2017 My Price 7.00

Jefferson Company

Push-Down Accounting

Jefferson Company acquired all of Louis Corporation’s common shares on January 2, 20X3, for $789,000. At the date of combination, Louis’s balance sheet appeared as follows:

Assets

  

Liabilities

  

Cash & Receivables

$ 34,000

Current Payables

$ 25,000

Inventory

165,000

Notes Payable

100,000

Land

60,000

Stockholders’ Equity

  

Buildings (net)

250,000

Common Stock

200,000

Equipment (net)

320,000

Additional Capital

425,000
   

Retained Earnings

79,000

Total

$829,000

Total

$829,000

The fair values of all of Louis’s assets and liabilities were equal to their book values except for its fixed assets. Louis’s land had a fair value of $75,000; the buildings, a fair value of $300,000; and the equipment, a fair value of $340,000.

Jefferson Company decided to employ push-down accounting for the acquisition of Louis Corporation.

Subsequent to the combination, Louis continued to operate as a separate company.

Required

a. Record the acquisition of Louis’s stock on Jefferson’s books.

b. Present any entries that would be made on Louis’s books related to the business combination, assuming push-down accounting is used.

c. Present, in general journal form, all elimination entries that would appear in a consolidation worksheet for Jefferson and its subsidiary prepared immediately following the combination.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Oct 2017 08:10 PM My Price 7.00

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