FREE Trial S
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. On January 1, 20X8, Alaska Corporation acquired Mercantile Corporation's net assets by paying $160,000 cash. Balance sheet data for the two companies and fair

1. On January 1, 20X8, Alaska Corporation acquired Mercantile Corporation's net assets by paying $160,000 cash. Balance sheet data for the two companies and fair value information for Mercantile Corporation immediately before the business combination are given below:

image text in transcribed

REQUIRED: Prepare the journal entry to record the acquisition of Mercantile Corporation.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Securitization The Process Of Homogenizing Financial Instruments Into Fungible Securities So That They Are Sellable On The Securities Market

Securitization The Process Of Homogenizing Financial Instruments Into Fungible Securities So That They Are Sellable On The Securities Market

Authors: Jean B Keating

1st Edition

ISBN: 979-8859072613

More Books

Students also viewed these Accounting questions

Question

★★★★★
Abel, the sole shareholder of Ace Corporation, has an opporunity to purchase the assets of a sole proprietorship for $50,000 in cash. Ace has a substantial E&P balance. Abel does not have sufficient...

Answered: 1 week ago

Question

★★★★★
Collier Manufacturing Co. operates on a modified wage plan. During one week's operation, the following direct labor costs were incurred: Units Completed Piece Rate per 100 Units Employee M T W T F A....

Answered: 1 week ago

Question

★★★★★
What does it mean if a bond is callable?

Answered: 1 week ago

Question

★★★★★
Penny Pincher Company has a defined benefit pension plan for its employees. The following pension data are available at year- end ( in millions): Accumulated benefit obligation $ 142 Projected...

Answered: 1 week ago

Question

★★★★★
1. On January 1, 20X8, Alaska Corporation acquired Mercantile Corporation's net assets by paying $160,000 cash. Balance sheet data for the two companies and fair value information for Mercantile...

Answered: 1 week ago

Question

★★★★★
3) A new furnace for your small factory will cost $41,000 and a year to install, will require ongoing maintenance expenditures of $3,500 a year. But it is far more fuel-efficient than your old...

Answered: 1 week ago

Question

★★★★★
The Wrong Patient By: Mark R. Chassin and Elise C. Becher Summary of Events Joan Morris (a pseudonym) is a 67-year-old woman admitted to a teaching hospital for cerebral angiography. The day after...

Answered: 1 week ago

Question

★★★★★
In your role as an Ethics & Compliance Specialist, you have completed assigned tasks related to ethical issues and dilemmas faced by individuals and other companies, and the related outcomes. The...

Answered: 1 week ago

Question

★★★★★
Anish Regmi E: anishregmi21@gmail.com | M: 0433 709 835 CAREER OBJECTIVE : A Bachelor of Business Information System Graduate is seeking a position as an IT help desk. Possess a skill in Microsoft...

Answered: 1 week ago

Question

★★★★★
The table below shows an economy's production possibilities for producing either pizza or beer. Pizza Beer 100 0 99 14 95 28 89 41 81 53 71 64 59 73 45 80 31 86 16 89 0 90 a) If the economy is...

Answered: 1 week ago

Question

★★★★★
1. Collect data on broad money growth (annual%) and inflation rate, consumer prices (annual %) in Norway from 1990-now, and Identify the highest and the lowest inflation rate periods. Discuss 2-3 key...

Answered: 1 week ago

Question

★★★★★
Teamwork. Ethics. Form groups with four or five students in each. Each member of the group will choose a specific cultural dimension from among the following: ethnicity, race, gender, age, or...

Answered: 1 week ago

Question

★★★★★
Teamwork. Form groups of four to seven people. Discuss the importance of diversity initiatives in businesses. Plan an agenda for a seminar that could help people in a business understand the needs...

Answered: 1 week ago

Question

★★★★★
Technology. Global. Ethics. Interview a student, a businessperson, or a visiting lecturer who is a native of another country or who has spent extensive time in a particular country other than the...

Answered: 1 week ago

Previous QuestionNext Question