September 2023 Financial Accounting Using the following information answer the following in a Word
2024 ACC12 – Week2 Assignment Assignment Help
Financial Accounting Using the following information answer the following in a Word 2023
Financial Accounting Using the following information , answer the following in a Word document: P Corporation acquired 100 percent of S Company’s assets on January 1, 2011, by issuing 1,250,000 shares of its $1 par common stock. The common stock issue in the acquisition had a market value of $80.80 per share. Balance sheets of both companies immediately prior to the acquisition are shown below. P Corporation Balance Sheet December 31, 2010 Assets Cash $120,000,000 Accounts receivable $350,000,000 Inventories $135,000,000 Land $15,000,000 Plant, property, and equipment $80,000,000 Less: Accumulated depreciation ($42,000,000) Total assets $658,000,000 Liabilities and Shareholders’ Equity Accounts payable $215,000,000 Notes payable $85,000,000 Common stock $100,000,000 Paid-in capital in excess of par $157,000,000 Retained earnings $101,000,000 Total liabilities and SE $658,000,000 S Company Balance Sheet December 31, 2010 Assets Cash $50,000,000 Accounts receivable $37,000,000 Inventories $18,000,000 Land $10,000,000 Plant, property, and equipment $35,000,000 Less: Accumulated depreciation ($21,000,000) Total assets $129,000,000 Liabilities and Shareholders’ Equity Accounts payable $32,000,000 Notes payable $8,000,000 Common stock $10,000,000 Paid-in capital in excess of par $28,000,000 Retained earnings $51,000,000 Total liabilities and SE $129,000,000
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