Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 8.00

Jernigan Corp

1 Jernigan Corp. had the following account balances at 12/1/10:

Receivables $ 96,000

Inventory 240,000

Land 720,000

Building 600,000

Liabilities 480,000

Common Stock 120,000

Additional Paid in Capital 120,000

Retained earnings, 12/1/10 840,000

Revenues 360,000

Expenses 264,000


Several of Jernigan's accounts have fair values that differ from book value. The fair values are: Land — $480,000; Building — $720,000; Inventory — $336,000; and Liabilities — $396,000.
Inglewood Inc. acquired all of the outstanding common shares of Jernigan by issuing 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000.
Required:
Prepare a fair value allocation and goodwill schedule at the date of the acquisition.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 08:08 AM My Price 8.00

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