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 > Business & Finance Posted 04 May 2018 My Price 9.00

Expenses Pinnacle Corporatio

E3.5 Acquisition and Eliminating Entries, Acquisition Expenses Pinnacle Corporation acquired al L of Stengl Corporations common stock by issuing 250,000 shares of $1 par common stock with a current market value of $10,000,000. Related accountants and attorneys fees were $300,000, paid in cash. The total book value of Stengls stockholders equity consists of capital stock of $200,000 and retained earn- ings of $1,800,000. Book values and fair values of Stengls assets and liabilities are given below: Book Value Fair Value Dr (Cr) Dr (Cr) 800,000 $800,000 Cash and receivables. 900,000 Inventories 1,100,000 1,000,000 1,600,000 Plant assets, net. (1,000,000) (1,000,000) Current liabilities. (500,000) Long-term debt Totals (475,000) $2,000,000 $1,225,000 In addition, Stengl has previously unrecorded identifiable intangible assets with a fair value of $500,000 that meet FASB ASC Topic 805 criteria for recognition Required a. Prepare the entry Pinnacle makes to record the acquisition on its own books. b. Prepare the working paper eliminating entries to consolidate the balance sheets of Pinnacle Corpora- tion and Stengl Corporation at the date of acquisition

Acquisition and Eliminating Entries, Acquisition Expenses Pinnacle Corporation acquired all of Stengl Corporation's common stock by issuing 250,000 shares of $1 par common stock with a current market value of $10,000,000. Related accountants' and attorneys' fees were $300,000, paid in cash. The total book value of Stengl's stockholders' equity consists of capital stock of $200,000 and retained earnings of $1, 800,000. Book values and fair values of Stengl's assets and liabilities are given below: In addition, Stengl has previously unrecorded identifiable intangible assets with a fair value of $500,000 that meet FASB ASC Topic 805 criteria for recognition. Prepare the entry Pinnacle makes to record the acquisition on its own books. Prepare the working paper eliminating entries to consolidate the balance sheets of Pinnacle Corporation and Stengl Corporation at the date of acquisition.

Answers

Maurice Tutor
(5)
Status NEW Posted 04 May 2018 05:05 PM My Price 9.00

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