Advanced ing Chapter 1 1s1311
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Advanced ing
Exercise 1-1 1. A business combination in which a new corporation is formed to take over the assets and operations of two or more separate business entities, with the previously separate entities being dissolved is a/an a. Consolidation b. Merger –occurs when one corp takes over all the operations of another business entity and that entity is dissolved c. Pooling of Interests d. Acquisition
2. In a business combination, the direct costs of ing and issuing securities are: a. Added to the parent/investor company’s investment b. Charged against other paid-in-capital combined entity c. Deducted from income in the period of combination d. None of the above
3. An excess of the fair value of net assets acquired in a business combination over the price paid is: a. Reported as a gain from a bargain purchase b. Applied to a reduction of noncash assets before negative goodwill may be reported c. Applied to reduce noncurrent assets other than marketable securities to zero before negative goodwill may be reported d. Applied to reduce goodwill to zero before negative goodwill may be reported
4. Cork Corporation acquires Dart Corporation in a business combination. Which of the following would be excluded from the process of asg fair values to assets and liabilities for purposes of recording the acquisition? (Assume Dart Corporation is dissolved) a. Patents developed by Dart because the costs were expensed under GAAP b. Dart’s mortgage payable because it is fully secured by land that has a market value far in excess of the mortgage c. An asset or liability amount for over- or underfunding of Dart’s defined-benefit pension plan d. None of the above
Advanced ing
Exercise 1-2 1. Pat Corporation paid $100,000 cash for the net assets of Sag Company, which consisted of the following: Book Fair Value Value $56,00 Current Assets $40,000 0 Plant and 220,00 160,000 Equipment 0 Liabilities -40,000 -36,000 assumed $240,0 $160,000 00 Assume Sag Company is dissolved. The plant and equipment acquired in this business combination should be recorded at: a. 220,000 (fair value) b. $200,000 c. $183,332 d. $180,000
2. On April 1, Par Company paid $1,600,000 for all the issued and outstanding common stock of Son Corporation in a transaction properly ed for as an acquisition. Son Corporation is dissolved. The recorded assets and liabilities of Son Corporation on April 1 follow: Cash Inventory Property and Equipment (net of accumulated Depreciation of $640,000) Liabilities
$ 160,000.00 $ 480,000.00 $ 960,000.00 $(360,000.00)
On April 1, it was determined that the inventory of Son had a fair value of $380,000, and the property and equipment (net) had a fair value of $1,120,000. What is the amount of goodwill resulting from the acquisition? a. 0
Advanced ing b. $100,000 c. $300,000 d. $360,000
Exercise 1-3 The stockholders equities of Pal Corporation and Sip Corporation at January 1 were as follows ( in thousands) Pal Sip Capital stock, $ $ $10 par 6,000.00 3,200.00 Other paid in $ $ capital 800.00 1,600.00 Retained $ $ Earnings 2,400.00 1,200.00 Stockholders $ $ Equity 9,200.00 6,000.00 On January 2, Pal issued 600,000 of it’s shares with a market value of $20 per share for all of Sip’s shares and Sip was dissolved. On the same day, Pal paid $20,000 to and issue shares and $40,000 for other direct costs combination. Prepare the stockholder’s equity section of Pal Corporation’s balance sheet immediately after the acquisition on January 2 (Hint. Prepare the journal entry) ANSWER Investment in Sip (+A) shares) Common Stock (+SE) shares) Additional paid-in capital (+SE) Investment expense (E, -SE) direct costs) Additional PIC (-SE) ( and issue ) Cash (or other net assets) (-A) (10ps x 600k shares
12,000,000
(20ps x 600k 6,000,000 (10ps x 600k 6,000,000
40,000
(other
20,000 60,000
stockholder’s equity section of Pal Corporation Cap Stk, $10 par, 1.2 mil shares Other PIC
$12,000,000 $6.780.000
Advanced ing Retained Earnings Total SE Equity
2,360,000 21,140,000
Exercise 1-4 Pan Company issued 960,000 shares of $10 par common stock with a fair value of $20,400,000 for all the voting common stock of Set Company. In addition, Pan incurred the following costs:
Legal fees to arrange the business combination Cost of SEC registration, including ing and legal fees Cost of printing and issuing stock certificates Indirect costs of combining, including allocated overhead and executive salaries
$ 200,000.0 0 $ 96,000.00 $ 24,000.00 $ 160,000.0 0
Immediately before the acquisition in which Set Company was dissolved, Set’s assets and equities were as follows: Book Value Fair Value $ $ Current assets 8000.00 8,800.00 $ $ Plant assets 12,000.00 17,600.00 $ $ Liabilities 2,400.00 2,400.00 $ Common Stock 16,000.00 $ Retained Earnings 1,600.00 Prepare all journal entries on Pan’s books to record the acquisition ANSWER Investment in Set (+A) (given)
20,400
Advanced ing Common Stock (+SE) x960k shares) Additional paid-in capital (+SE) Investment expense (E, -SE) costs) Additional PIC (-SE) issue ) Cash (or other net assets) (-A)
9,600
(10ps
10,800 160,000
(other direct
320,000
( and 480,000
Current Assets 8,800 Plant Assets 17,600 Liabilities 2,400 Investment in Set 20,400 above) Gain from bargain purchase 3,600 (difference)
(FV) (FV) (FV) (given
Exercise 1-5 On January 1, Pan Corporation pays $400,000 cash and also issues 36,000 shares of $10 par common stock with a market value of $660,000 for all the outstanding common shares of Sis Corporation. In addition, Pan says $60,000 for ing and issuing the 36,000 shares and $140,000 for the other direct costs of the business combination, in which Sis Corporation is dissolved. Summary balance sheet information for the companies immediately before the merger as follows (in thousands):
Cash Inventories Other Current Assets Plant assets - net Total Assets
Pan Book Value $ 700.00 $ 240.00 $ 60.00 $ 520.00 $ 1,520.00
Sis Book Value
Sis Fair Value
$
80.00
$ 80.00
$
160.00
$ 200.00
$
40.00
$ 40.00
$ $
360.00 640.00
$ 560.00 $ 880.00
Advanced ing
Current liabilities Other liabilities Common Stock, $10 par Retained earnings Total liabilities and owners' equity
Pan Book Value $ 320.00 $ 160.00 $ 840.00 $ 200.00 $
Sis Book Value
1,520.00
Sis Fair Value
$
60.00
$ 60.00
$
100.00
$ 80.00
$
400.00
$
80.00
$
640.00
Prepare all journal entries on Pan’s books to for the acquisition ANSWER Investment in Set (+A) stock) Common Stock (+SE) shares) Additional paid-in capital (+SE) (difference?) Investment expense (E, -SE) costs) Additional PIC (-SE) ( and issue ) Cash (or other net assets) (-A) Cash Inventory Other Current Asset Plant Assets Goodwill Current liabilities Other liabilities Investment in Sis
1,060,000
(cash & 360,000 (10ps x360k 7,000,000
140,000
(other direct
60,000 200,000 80,000
200,000 40,000 560,000 320,000 60, 000 80,000 1,060,000
Problems 1-3 On January 2, 2011, Par Corporation issues its own $10 par common stock for all the outstanding stock of Sin Corporation in an acquisition. Sin is dissolved. In addition, Par pays $40,000 for ing and issuing securities and $60,000 for other costs of combination. The market price of Par’s stock on January 2, 2011, is $60 per share.
Advanced ing Relevant balance sheet information for Par and Sin Corporation on December 31, 2010, just before the combination, is as follows (in thousands): Par Historical Sin Historical Cost Cost Sin Fair Value $ Cash 240.00 $ 20.00 $ 20.00 $ Inventories 100.00 $ 60.00 $ 120.00 $ Other Current Assets 200.00 $ 180.00 $ 200.00 $ Land 160.00 $ 40.00 $ 200.00 Plant and Equipment$ net 1,300.00 $ 400.00 $ 700.00 $ Total Assets 2,000.00 $ 700.00 $ 1,240.00 $ Liabilities 400.00 $ 100.00 Common Stock, $10 $ par 1,000.00 $ 200.00 Additional paid-in$ capital 400.00 $ 100.00 $ Retained Earnings 200.00 $ 300.00 Total liabilities and $ owner's equity 2,000.00 $ 700.00 $ 1. Assume that Par issues 25,000 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 ANSWER Investment in Set (+A) stock 60x25) Common Stock (+SE) shares) Additional paid-in capital (+SE) (difference?) Investment expense (E, -SE) direct costs) Additional PIC (-SE) ( and issue ) Cash (or other net assets) (-A)
1,500,000
(cash & 25,000 (10ps x25k 1,475,000
60,000
(other
40,000 100,000
Advanced ing Cash
20,000
Inventory Other Current Asset Land Plant & Equipment Assets Goodwill Current liabilities Investment in Sis
120,000 200,000 200,000 700,000 360,000 100,000 1,500,000
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 acquisitions of Sin b. Prepare a balance sheet for Par Corporation immediately after the acquisition ANSWER Investment in Set (+A) stock 60x15) Common Stock (+SE) shares) Additional paid-in capital (+SE) (difference?) Investment expense (E, -SE) direct costs) Additional PIC (-SE) ( and issue ) Cash (or other net assets) (-A) Cash
900,000
(cash & 15,000 (10ps x15k 885,000
60,000
(other
40,000 100,000 20,000
Inventory 120,000 Other Current Asset 200,000 Land 200,000 Plant & Equipment Assets 700,000 Current liabilities 100,000 Investment in Sis 900,000 Gain from bargain purchase 240,000
Advanced ing
Problems 1-5 Pat Corporation paid $5,000,000 for Saw Corporations voting common stock on January 2, 2011, and Saw was dissolved. The purchase prices consisted of $100,000 for ing and issuing the 100,000 shares of common stock and $200,000 for other costs of combination. Balance sheet information for the companies immediately before the acquisition is summarized as follows (in thousands) Pat Sin Book value Book Value Fair Value $ Cash 6,000.00 $ 480.00 $ 480.00 s Receivable $ net 2,600.00 $ 720.00 $ 720.00 $ Notes receivable - net 3,000.00 $ 600.00 $ 600.00 $ Inventories 5,000.00 $ 840.00 $ 1,000.00 $ Other current assets 1,400.00 $ 360.00 $ 400.00 $ Land 4,000.00 $ 200.00 $ 400.00 $ Buildings - net 18,000.00 $ 1,200.00 $ 2,400.00 $ Equipment - net 20,000.00 $ 1,600.00 $ 1,200.00 $ Total Assets 60,000.00 $ 6,000.00 $ 7,200.00
s payable Mortgage Payable - 10% Capital stock, $10 par Other paid in capital
$ 2,000.00 $ 10,000.00 $ 20,000.00 $ 16,000.00
$
600.00
$ 1,400.00 $ 2,000.00 $ 1,200.00
$
600.00
$ 1,200.00
Advanced ing $ 12,000.00 $ 800.00 $ Total Equities 60,000.00 $ 6,000.00 1. Prepare Journal Entries for Pat Corporation to record its acquisition of Saw Corporation, including all allocations to individual asset and liability s. Retained Earnings
ANSWER Investment in Set (+A) stock 100kx50) Common Stock (+SE) shares) Additional paid-in capital (+SE) (difference?) Investment expense (E, -SE) costs) Additional PIC (-SE) issue ) Cash (or other net assets) (-A)
Cash s receivable –net Notes Recv –net Inventories Other curr assets Land Buildings –net Equipment Total Assets s Payable Mtg Payable Investment in Saw Corporation Gain from bargain purchase Total
5,000,000
(cash & 500,000 (10ps x100k 4,500,000
200,000
(other direct
100,000
( and 300,000
480,000 720,000 600,000 1,000,000 400,000 400,000 2,400,000 1,200,000 7,200,000 600,000 1,200,000 5,000,000 400,000 7,200,000
Advanced ing 2. Prepare a balance sheet for Pat Corporation on January 2, 2011, immediately after the acquisition and dissolution of Saw Saw Cash 6,480,000 s receivable –net 3,320,000 Notes Recv –net Inventories Other curr assets 1,800,000 Land Buildings –net 20,600,000 Equipment Total Assets 67,200,000 s Payable 2,600,000 Mtg Payable 11,400,000 Common Stock Retained Earnings Total Equities
Pat 480,000
6,000,000
Combined
720,000
2,600,000
600,000 3,000,000 3,600,000 1,000,000 5,000,000 6,000,000 400,000 1,400,000 400,000 4,000,000 4,400,000 2,400,000 18,200,000 1,200,000 20,000,000 21,200,000 7,200,000 60,000,000 600,000
2,000,000
1,400,000 10,000,000
Exercise 1-1 1. A business combination in which a new corporation is formed to take over the assets and operations of two or more separate business entities, with the previously separate entities being dissolved is a/an a. Consolidation b. Merger –occurs when one corp takes over all the operations of another business entity and that entity is dissolved c. Pooling of Interests d. Acquisition
2. In a business combination, the direct costs of ing and issuing securities are: a. Added to the parent/investor company’s investment b. Charged against other paid-in-capital combined entity c. Deducted from income in the period of combination d. None of the above
3. An excess of the fair value of net assets acquired in a business combination over the price paid is: a. Reported as a gain from a bargain purchase b. Applied to a reduction of noncash assets before negative goodwill may be reported c. Applied to reduce noncurrent assets other than marketable securities to zero before negative goodwill may be reported d. Applied to reduce goodwill to zero before negative goodwill may be reported
4. Cork Corporation acquires Dart Corporation in a business combination. Which of the following would be excluded from the process of asg fair values to assets and liabilities for purposes of recording the acquisition? (Assume Dart Corporation is dissolved) a. Patents developed by Dart because the costs were expensed under GAAP b. Dart’s mortgage payable because it is fully secured by land that has a market value far in excess of the mortgage c. An asset or liability amount for over- or underfunding of Dart’s defined-benefit pension plan d. None of the above
Advanced ing
Exercise 1-2 1. Pat Corporation paid $100,000 cash for the net assets of Sag Company, which consisted of the following: Book Fair Value Value $56,00 Current Assets $40,000 0 Plant and 220,00 160,000 Equipment 0 Liabilities -40,000 -36,000 assumed $240,0 $160,000 00 Assume Sag Company is dissolved. The plant and equipment acquired in this business combination should be recorded at: a. 220,000 (fair value) b. $200,000 c. $183,332 d. $180,000
2. On April 1, Par Company paid $1,600,000 for all the issued and outstanding common stock of Son Corporation in a transaction properly ed for as an acquisition. Son Corporation is dissolved. The recorded assets and liabilities of Son Corporation on April 1 follow: Cash Inventory Property and Equipment (net of accumulated Depreciation of $640,000) Liabilities
$ 160,000.00 $ 480,000.00 $ 960,000.00 $(360,000.00)
On April 1, it was determined that the inventory of Son had a fair value of $380,000, and the property and equipment (net) had a fair value of $1,120,000. What is the amount of goodwill resulting from the acquisition? a. 0
Advanced ing b. $100,000 c. $300,000 d. $360,000
Exercise 1-3 The stockholders equities of Pal Corporation and Sip Corporation at January 1 were as follows ( in thousands) Pal Sip Capital stock, $ $ $10 par 6,000.00 3,200.00 Other paid in $ $ capital 800.00 1,600.00 Retained $ $ Earnings 2,400.00 1,200.00 Stockholders $ $ Equity 9,200.00 6,000.00 On January 2, Pal issued 600,000 of it’s shares with a market value of $20 per share for all of Sip’s shares and Sip was dissolved. On the same day, Pal paid $20,000 to and issue shares and $40,000 for other direct costs combination. Prepare the stockholder’s equity section of Pal Corporation’s balance sheet immediately after the acquisition on January 2 (Hint. Prepare the journal entry) ANSWER Investment in Sip (+A) shares) Common Stock (+SE) shares) Additional paid-in capital (+SE) Investment expense (E, -SE) direct costs) Additional PIC (-SE) ( and issue ) Cash (or other net assets) (-A) (10ps x 600k shares
12,000,000
(20ps x 600k 6,000,000 (10ps x 600k 6,000,000
40,000
(other
20,000 60,000
stockholder’s equity section of Pal Corporation Cap Stk, $10 par, 1.2 mil shares Other PIC
$12,000,000 $6.780.000
Advanced ing Retained Earnings Total SE Equity
2,360,000 21,140,000
Exercise 1-4 Pan Company issued 960,000 shares of $10 par common stock with a fair value of $20,400,000 for all the voting common stock of Set Company. In addition, Pan incurred the following costs:
Legal fees to arrange the business combination Cost of SEC registration, including ing and legal fees Cost of printing and issuing stock certificates Indirect costs of combining, including allocated overhead and executive salaries
$ 200,000.0 0 $ 96,000.00 $ 24,000.00 $ 160,000.0 0
Immediately before the acquisition in which Set Company was dissolved, Set’s assets and equities were as follows: Book Value Fair Value $ $ Current assets 8000.00 8,800.00 $ $ Plant assets 12,000.00 17,600.00 $ $ Liabilities 2,400.00 2,400.00 $ Common Stock 16,000.00 $ Retained Earnings 1,600.00 Prepare all journal entries on Pan’s books to record the acquisition ANSWER Investment in Set (+A) (given)
20,400
Advanced ing Common Stock (+SE) x960k shares) Additional paid-in capital (+SE) Investment expense (E, -SE) costs) Additional PIC (-SE) issue ) Cash (or other net assets) (-A)
9,600
(10ps
10,800 160,000
(other direct
320,000
( and 480,000
Current Assets 8,800 Plant Assets 17,600 Liabilities 2,400 Investment in Set 20,400 above) Gain from bargain purchase 3,600 (difference)
(FV) (FV) (FV) (given
Exercise 1-5 On January 1, Pan Corporation pays $400,000 cash and also issues 36,000 shares of $10 par common stock with a market value of $660,000 for all the outstanding common shares of Sis Corporation. In addition, Pan says $60,000 for ing and issuing the 36,000 shares and $140,000 for the other direct costs of the business combination, in which Sis Corporation is dissolved. Summary balance sheet information for the companies immediately before the merger as follows (in thousands):
Cash Inventories Other Current Assets Plant assets - net Total Assets
Pan Book Value $ 700.00 $ 240.00 $ 60.00 $ 520.00 $ 1,520.00
Sis Book Value
Sis Fair Value
$
80.00
$ 80.00
$
160.00
$ 200.00
$
40.00
$ 40.00
$ $
360.00 640.00
$ 560.00 $ 880.00
Advanced ing
Current liabilities Other liabilities Common Stock, $10 par Retained earnings Total liabilities and owners' equity
Pan Book Value $ 320.00 $ 160.00 $ 840.00 $ 200.00 $
Sis Book Value
1,520.00
Sis Fair Value
$
60.00
$ 60.00
$
100.00
$ 80.00
$
400.00
$
80.00
$
640.00
Prepare all journal entries on Pan’s books to for the acquisition ANSWER Investment in Set (+A) stock) Common Stock (+SE) shares) Additional paid-in capital (+SE) (difference?) Investment expense (E, -SE) costs) Additional PIC (-SE) ( and issue ) Cash (or other net assets) (-A) Cash Inventory Other Current Asset Plant Assets Goodwill Current liabilities Other liabilities Investment in Sis
1,060,000
(cash & 360,000 (10ps x360k 7,000,000
140,000
(other direct
60,000 200,000 80,000
200,000 40,000 560,000 320,000 60, 000 80,000 1,060,000
Problems 1-3 On January 2, 2011, Par Corporation issues its own $10 par common stock for all the outstanding stock of Sin Corporation in an acquisition. Sin is dissolved. In addition, Par pays $40,000 for ing and issuing securities and $60,000 for other costs of combination. The market price of Par’s stock on January 2, 2011, is $60 per share.
Advanced ing Relevant balance sheet information for Par and Sin Corporation on December 31, 2010, just before the combination, is as follows (in thousands): Par Historical Sin Historical Cost Cost Sin Fair Value $ Cash 240.00 $ 20.00 $ 20.00 $ Inventories 100.00 $ 60.00 $ 120.00 $ Other Current Assets 200.00 $ 180.00 $ 200.00 $ Land 160.00 $ 40.00 $ 200.00 Plant and Equipment$ net 1,300.00 $ 400.00 $ 700.00 $ Total Assets 2,000.00 $ 700.00 $ 1,240.00 $ Liabilities 400.00 $ 100.00 Common Stock, $10 $ par 1,000.00 $ 200.00 Additional paid-in$ capital 400.00 $ 100.00 $ Retained Earnings 200.00 $ 300.00 Total liabilities and $ owner's equity 2,000.00 $ 700.00 $ 1. Assume that Par issues 25,000 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 ANSWER Investment in Set (+A) stock 60x25) Common Stock (+SE) shares) Additional paid-in capital (+SE) (difference?) Investment expense (E, -SE) direct costs) Additional PIC (-SE) ( and issue ) Cash (or other net assets) (-A)
1,500,000
(cash & 25,000 (10ps x25k 1,475,000
60,000
(other
40,000 100,000
Advanced ing Cash
20,000
Inventory Other Current Asset Land Plant & Equipment Assets Goodwill Current liabilities Investment in Sis
120,000 200,000 200,000 700,000 360,000 100,000 1,500,000
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 acquisitions of Sin b. Prepare a balance sheet for Par Corporation immediately after the acquisition ANSWER Investment in Set (+A) stock 60x15) Common Stock (+SE) shares) Additional paid-in capital (+SE) (difference?) Investment expense (E, -SE) direct costs) Additional PIC (-SE) ( and issue ) Cash (or other net assets) (-A) Cash
900,000
(cash & 15,000 (10ps x15k 885,000
60,000
(other
40,000 100,000 20,000
Inventory 120,000 Other Current Asset 200,000 Land 200,000 Plant & Equipment Assets 700,000 Current liabilities 100,000 Investment in Sis 900,000 Gain from bargain purchase 240,000
Advanced ing
Problems 1-5 Pat Corporation paid $5,000,000 for Saw Corporations voting common stock on January 2, 2011, and Saw was dissolved. The purchase prices consisted of $100,000 for ing and issuing the 100,000 shares of common stock and $200,000 for other costs of combination. Balance sheet information for the companies immediately before the acquisition is summarized as follows (in thousands) Pat Sin Book value Book Value Fair Value $ Cash 6,000.00 $ 480.00 $ 480.00 s Receivable $ net 2,600.00 $ 720.00 $ 720.00 $ Notes receivable - net 3,000.00 $ 600.00 $ 600.00 $ Inventories 5,000.00 $ 840.00 $ 1,000.00 $ Other current assets 1,400.00 $ 360.00 $ 400.00 $ Land 4,000.00 $ 200.00 $ 400.00 $ Buildings - net 18,000.00 $ 1,200.00 $ 2,400.00 $ Equipment - net 20,000.00 $ 1,600.00 $ 1,200.00 $ Total Assets 60,000.00 $ 6,000.00 $ 7,200.00
s payable Mortgage Payable - 10% Capital stock, $10 par Other paid in capital
$ 2,000.00 $ 10,000.00 $ 20,000.00 $ 16,000.00
$
600.00
$ 1,400.00 $ 2,000.00 $ 1,200.00
$
600.00
$ 1,200.00
Advanced ing $ 12,000.00 $ 800.00 $ Total Equities 60,000.00 $ 6,000.00 1. Prepare Journal Entries for Pat Corporation to record its acquisition of Saw Corporation, including all allocations to individual asset and liability s. Retained Earnings
ANSWER Investment in Set (+A) stock 100kx50) Common Stock (+SE) shares) Additional paid-in capital (+SE) (difference?) Investment expense (E, -SE) costs) Additional PIC (-SE) issue ) Cash (or other net assets) (-A)
Cash s receivable –net Notes Recv –net Inventories Other curr assets Land Buildings –net Equipment Total Assets s Payable Mtg Payable Investment in Saw Corporation Gain from bargain purchase Total
5,000,000
(cash & 500,000 (10ps x100k 4,500,000
200,000
(other direct
100,000
( and 300,000
480,000 720,000 600,000 1,000,000 400,000 400,000 2,400,000 1,200,000 7,200,000 600,000 1,200,000 5,000,000 400,000 7,200,000
Advanced ing 2. Prepare a balance sheet for Pat Corporation on January 2, 2011, immediately after the acquisition and dissolution of Saw Saw Cash 6,480,000 s receivable –net 3,320,000 Notes Recv –net Inventories Other curr assets 1,800,000 Land Buildings –net 20,600,000 Equipment Total Assets 67,200,000 s Payable 2,600,000 Mtg Payable 11,400,000 Common Stock Retained Earnings Total Equities
Pat 480,000
6,000,000
Combined
720,000
2,600,000
600,000 3,000,000 3,600,000 1,000,000 5,000,000 6,000,000 400,000 1,400,000 400,000 4,000,000 4,400,000 2,400,000 18,200,000 1,200,000 20,000,000 21,200,000 7,200,000 60,000,000 600,000
2,000,000
1,400,000 10,000,000
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