7

un vecemDer 31, b, print corporation ana sze company enterea into a Dusiness compination in wnicn print acquirea all OT Sizes common stock for $974,000. At the date of combination, Size had common stock outstanding with a par value of $112,000, additional paid in capital of $402,000, and retained earnings of $182,000. The fair values and book values of all Size's assets and liabilities were equal at the date of combination, except for the following Inventory Land Buildings Equipment Book Value Fair Value $ 66,000 178,000 513,000 577,000 $61,000 80,000 402,000 513,000 The buildings had a remaining life of 19 years, and the equipment was expected to last another 9 years. In accounting for the business combination, Print decided to use push-down accounting on Size's books. During 20X7, Size earned net income of $107,000 and paid a dividend of $59,000. All of the inventory on hand at the end of 20X6 wa sold during 20X7 During 20X8, Size earned net income of $109,000 and paid a dividend of $59,000. Required: a. Record the acquisition of Size's stock on Print's books on December 31, 20X6. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet