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Category > Management Posted 01 Jun 2017 My Price 11.00

Pritano Company

Asset Purchase, Contingent Consideration

Pritano Company acquired all the net assets of Succo Company on December 31, 2010, for $2,160,000 cash. The balance sheet of Succo Company immediately prior to the acquisition showed:

 

Book value

Fair value

Current assets

$ 960,000

$ 960,000

Plant and equipment

1,080,000

1,440,000

Total

$2,040,000

$2,400,000

Liabilities

$ 180,000

$ 216,000

Common stock

480,000

  

Other contributed capital

600,000

  

Retained earnings

780,000

  

Total

$2,040,000

  

As part of the negotiations, Pritano agreed to pay the stockholders of Succo $360,000 cash if the post combination earnings of Pritano averaged $2,160,000 or more per year over the next two years.

Required:

Prepare the journal entries on the books of Pritano to record the acquisition on December 31, 2010. It is expected that the earnings target is likely to be met.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Jun 2017 06:06 PM My Price 11.00

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