*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 $89,000 Accounts Payable 62,000 Long-Term Notes Payable 34,000 Mortgage Payable 33,000 Bonds Payable 55,000 Pension Liability 93,000 Retained Earnings 19,000 Preferred Stock 8,500 Paid in Capital, Preferred Stock $393,500 Total Liabilities & Stockholders' Equity $34,000 44,000 65,000 35,000 69,000 115,000 25,000 6,500 $393,500 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 $6,500. 2) Short-Term Investments current market value was $37,500. 3) Merchandise Inventory was appraised at $28,500. 4) Office Equipment was appraised at $51,000. 5) Land was appraised at $96,000. 6) Computers were appraised at $12,600. 7) The Trademarks present values were $7,400. 8) The company's Mortgage Payable correct value should be $73,000. 9) The Pension Liability was evaluated at $73,500. Your answer is partially correct. Try again. Compute Total Identifiable Assets, Total Identifiable Liabilities and Net Identifiable Assets for Nick Company. (Do not use answers, you must enter your answers with commas.) Total Identifiable Assets cash $189000 TAccounts Receivable (Net) 155,500 Short-Term Investments 37.500 Merchandise Inventory 128,500 51,000 Office Equipment Tand 296.000 Your answer is partially correct. Try again. Compute Total Identifiable Assets, Total Identifiable Liabilities and Net Identifiable Assets for Nick Company. (Do not use dollar si answers, you must enter your answers with commas.) Total Identifiable Assets cash $189000 Accounts Receivable (Net) Short-Term Investments 955,500 37,500 128,500 151,000 Merchandise Inventory Office Equipment land 196,000 112,600 Computers 17,400 Trademarks Total Identifiable Assets 1877,500 Total Identifiable Liabilities Accounts Payable $134,000 Long-Term Notes Payable Mortgage Payable Bonds Payable 35,000 Pension Liability Total Identifiable Liabilities $259,500 44,000 73,000 73,500 Net Identifiable Assets- otal Identifiable Assets = 5377500 Total Identifiable Liabilities - 5259500 11800 Your answer is correct. Compute the value of the implied goodwill if Kamla Corporation pays $141,000 for Nick Company. (Do not use dollar signs ($) answers, you must enter your answers with commas.) Implied Goodwill/ (Bargain Option) Cash Paid Net Identifiable Assets $ 118,000 - $141,000 $23,000 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 in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you ha x Your answer is incorrect. Try again. Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and credit an comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Net Cash = Cash Paid Cash Received - 141,000 - 89,000 752,000 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 in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you ha Your answer is partially correct. Try again. Prepare the journal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically indented wh entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers Debit Credit Date Account Titles and Explanation 2016 Aug. 28 Cash Accounts Receivable (GI |37,500 Short-Term Investments 28,500 Merchandise Inventory 51,000 O Office Equipment 96,000 and 12,600 I Computers 17,400 Trademarks 123,000 Goodwill 000 Accounts Payable 07144,000 Long-Term Notes Payable 173,000 Mortgage Payable 135,000 11 DS Bonds Payable 18 il lllll II Pension Liability 18 x Your answer is incorrect. Try again. Compute the value of the implied goodwill If Kamla Corporation pays $99,000, instead of $141,000, for Nick Company. (Don your final answers, you must enter your answers with commas.) Implied Goodwill/ (Bargain Option) = Your answer is incorrect. Try again. Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and cr comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Net Cash =4 Your answer is partially correct. Try again. Prepare the journal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically inde entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your a Debit Credit Date Account Titles and Explanation 2016 Aug. 28 Cash Accounts Receivable (G Short-Term Investments Merchandise Inventory Toffice Equipment Land Computers Trademarks Accounts Payable Long-Term Notes Payable Mortgage Payable Bonds Payable Pension Liability