4 Assignment Help ve Suba The July 31, Year , balance sheets of two companies that are parties to a business combination are as follows Ravinder Corp. Carrying mount 1,61,700 1,330, 0 (258,358) Robin In Carrying Fair Valur 420,350 $ 469,480 . 140.ee 973, (500,00) 1 Plant and equipment Accumulated depreciation Patents-net $ 2,681,00 5 1,260, 25 1,368,00 5 Current liabilities Long-ter debt Con shares Retained earnings $ 2,681,050 1,250,258 In addition to the assets identified above. Ravinder Corp. attributed a value of $100,700 to a major research project that Robin Inc. was working on. Robin Inc feels that it is within a year of developing a prototype for a state of the art blo-medical device. If this device can ever be patented. It could be worth hundreds of thousands of dollars Effective on August 1 Year 3. the shareholders of Robin inc accepted an offer from Ravinder Corp. to purchase 80% of their common shares for $1.068,000 in cash Ravinder Corp's legal fees for investigating and drawing up the share purchase agreement amounted to $25 350 Required: (a) Prepare the lournal entries in the records of Ravinder Corp. to record the share acquisition and cost of legal fees if no entry is required for a transaction/event, select "No journal entry required in the first account tleld) Journal entry worksheet Record the payment for share acquisition. Note: Enter debits before credits AS NO Journal Debit Credit Record entry Clear entry View gencral journal Journal entry worksheet Record the cost of legal fees. OK Note: Enter debits before credits S No Journal Debit Credit 2 Record entry Charm View general journal (b) Prepare a schedule to calculate and allocate the acquisition differential (Negative amounts should be indicated by a minus ) Cost of 80% of Robin Inc. Implied value of 100% of Robine Carrying amount of Robin's Inc net assets Prepare Ravinder Corps consolidated balance sheet as at August 1 Year 3. Assume there were no transactions on this date than the transactions described above. (Negative amounts should be indicated by a minus sign dated Balance Sheet August 1 Year 3 Assets Liabilities and Equity Prey 2 of 4 Next >