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[Salinan]Disalin!
2. Assume that Par issues 15,000 shares of its stock for all of Sin’s outstanding shares.a. Prepare journal entries to record the acquisition of Sin.b. Prepare a balance sheet for Par Corporation immediately after the acquisition.P 1-4Allocation schedule and balance sheetThe balance sheets of Pub Corporation and Sun Corporation at December 31, 2010, are summarizedwith fair value information as follows (in thousands):Pub Corporation Sun CorporationBook Value Fair Value Book Value Fair ValueAssetsCash $115 $115 $ 10 $ 10Receivables—net 40 40 20 20Inventories 120 150 50 30Land 45 100 30 100Buildings—net 200 300 100 150Equipment—net 180 245 90 150Total assets $700 $950 $300 $460EquitiesAccounts payable $ 90 $ 90 $ 30 $ 30Other liabilities 100 90 60 70Capital stock, $10 par 300 100Other paid-in capital 100 80Retained earnings 110 30Total equities $700 $300On January 1, 2011, Pub Corporation acquired all of Sun’s outstanding stock for $300,000. Pub paid$100,000 cash and issued a five-year, 12 percent note for the balance. Sun was dissolved.REQUIRED1. Prepare a schedule to show how the investment cost is allocated to identifiable assets and liabilities.2. Prepare a balance sheet for Pub Corporation on January 1, 2011, immediately after the acquisition.P 1-5Journal entries and balance sheet for an acquisitionPat Corporation paid $5,000,000 for Saw Corporation’s voting common stock on January 2, 2011, andSaw was dissolved. The purchase price consisted of 100,000 shares of Pat’s common stock with a marketvalue of $4,000,000, plus $1,000,000 cash. In addition, Pat paid $100,000 for registering and issuing the100,000 shares of common stock and $200,000 for other costs of combination. Balance sheet informationfor the companies immediately before the acquisition is summarized as follows (in thousands):Pat SawBook Value Book Value Fair ValueCash $ 6,000 $ 480 $ 480Accounts receivable—net 2,600 720 720Notes receivable—net 3,000 600 600Inventories 5,000 840 1,000Other current assets 1,400 360 400Land 4,000 200 400Buildings—net 18,000 1,200 2,400Equipment—net 20,000 1,600 1,200Total assets $60,000 $6,000 $7,200Accounts payable $ 2,000 $ 600 $ 600Mortgage payable—10% 10,000 1,400 1,200Capital stock, $10 par 20,000 2,000Other paid-in capital 16,000 1,200Retained earnings 12,000 800Total equities $60,000 $6,000
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