Question
1 On January 1, 2018, Mustafa Corporation purchased Mohammad Corporation for the following amount: 3 S 76,770 Prior to the purchase, the balance sheets for
1 On January 1, 2018, Mustafa Corporation purchased Mohammad Corporation for the following amount: 3 S 76,770 Prior to the purchase, the balance sheets for Mustafa Corporation and Mohammad 5 Corporation are listed below. Prepare a combined balance sheet by filling in cells in 6 column D (12 points). 7 Assets: Mustafa Corporation Mohammad Corporation Combined 9 Cash S 93,830 S 68,240 10 Accounts Receivable S 76,770 $42,650 11 Land S 85,300 $ 196,190 12 Goodwill 13 Total Assets $ 255,900 $ 307,080 14 Liabilities: 15 Accounts Payable 16 Notes Payable S 59,710 $ 25,590 S 255,900 17 Total Liabilities $ 59,710 $ 281,490 1 Stockholders' Equity: 19 Common Stock S 85,300 $ 8,530 20 Retained Earnings S 110,890 $ 17,060 21 Total Stockholders' Equity $ 196,190 $ 25,590 22 Total Liabilities and Stockholders' Equity $ 255,900 $ 307,080 23
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