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ACC 113 Project 1B Kamla Corporation purchased Nick Company on August 28, 2016. The Balance Sheet of Nick Company is as follows: Cash Accounts Receivable

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ACC 113 Project 1B Kamla Corporation purchased Nick Company on August 28, 2016. The Balance Sheet of Nick Company is as follows: Cash Accounts Receivable (Gross) Short-Term Investments Merchandise Inventory Office Equipment Land Computers Trademarks Total Assets Nick Company Balance Sheet August 28, 2016 $82,000 Accounts Payable 60,000 Long-Term Notes Payable 32,000 Mortgage Payable 32,000 Bonds Payable 45,000 Pension Liability 99,000 Retained Earnings 15,000 Preferred Stock 7,500 Paid in Capital, Preferred Stock $372,500 Total Liabilities & Stockholders' Equity $31,000 35,000 55,000 33,000 74,000 115,000 24,000 5,500 $372,500 Additional Information: The amounts shown on the above balance sheet reflects the approximate market values except: 1) The Allowance for Doubtful Accounts was determined to be $8,000. 2) Short-Term Investments current market value was $34,000. 3) Merchandise Inventory was appraised at $27,500. The amounts shown on the above balance sheet reflects the approximate market values except: 1) The Allowance for Doubtful Accounts was determined to be $8,000. 2) Short-Term Investments current market value was $34,000. 3) Merchandise Inventory was appraised at $27,500. 4) Office Equipment was appraised at $41,000. 5) Land was appraised at $101,600. 6) Computers were appraised at $9,000. 7) The Trademarks present values were $6,500. 8) The company's Mortgage Payable correct value should be $65,500. 9) The Pension Liability was evaluated at $78,500. Compute Total Identifiable Assets, Total Identifiable Liabilities and Net Identifiable Assets for Nick Company to not use r s > when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Total Identifiable Assets Total Identifiable Assets Total Identifiable Liabilities Total Identifiable Liabilities Net Identifiable Assets = Implied Goodwill/ (Bargain Option) = Net Cash = Prepare the joumal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically indented whe amount is entered. Do not indent manually. Do not use dollar signs (S) when entering amounts. To see comma-format numbers reflected in your final answers, you must enter your answers with commas.) Debit Credit Date Account Titles and Explanation 2016 Aug. 28 dy. Complete these steps each time you have finished a section. Do not dick on the "Submit Answers" button until you have completed all of the sections. LINK TO TEXT study Compute the value of the impled goodwill if Kamla Corporation pays $90,600, instead of $134,600, for Nick Company. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Implied Goodwill (Bargain Option) - Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and credit amo a negative sign. Do not use dollar signs (S) when entering amounts. To see comma-formatted numbers reflected in you answers, you must enter your answers with commas.) Net Cash = udy. Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the section, Prepare the joumal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs (S) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Debit Credit Date Account Titles and Explanation 2016 Aug. 28 ndy

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