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Answer the ones I can't get right. I am confused what I am missing, be inform me what I am missing. I changed the -9000
Answer the ones I can't get right. I am confused what I am missing, be inform me what I am missing. I changed the -9000 to the proper -19,000. from the implied good will I got incorect.
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 correct. Compute Total Identifiable Assets, Total Identifiable Liabilities and Net Identifiable Assets for Nick Company. (Do not use dol Total Identifiable Assets Cash) 5789000) TAccounts Receivable (Net) T55500 Short-Term Investments 137500 T28500) Merchandise Inventory TOffice Equipment 151000 TLand 196000) Computers T12600) Trademarks 17400 Total Identifiable Assets S1377500) Total Identifiable Liabilities TAccounts Payable S134000 TLong-Term Notes Payable 144000 173000 TMortgage Payable Bonds Payable 135000) TPension Liability 173500 Total Identifiable Liabilities $1259500 Your answer is correct. Compute the value of the implied goodwill if Kamla Corporation pays $141,000 for Nick Company. (Do not use dollar signs ($) when entering amount Implied Goodwill/ (Bargain Option) = 1Cash Paid Net Identifiable Assets $1141000 $118000 $123000 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 "Printer Version" bu Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the Your answer is correct. Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and credit amount with a negatives Net Cash Cash Received Cash Paid $189000 $(141000 ST-52000 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 "Printer Version" bu Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the 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 when the amount is enter Debit Credit Date Account Titles and Explanation 2016 Aug. 28 T Cash 89000 TAccounts Receivable (Net) 155500 TShort-Term Investments 137500 TMerchandise Inventory 128500) Toffice Equipment 151000) TLand 196000 Ti 2600) Computers Trademarks 17400 Goodwill 23000 TAccounts Payable 134000) TLong-Term Notes Payable 744000 "Mortgage Payable 173000) TBonds Payable 135000 Pension Liability 173500 Your answer is partially correct. Try again. Compute the value of the implied goodwill if Kamla Corporation pays $99,000, instead of $141,000, for Nick Company. (Do not use dollar signs ($) when entering amount Implied Goodwill/ (Bargain Option) - Cash Paid = $199000 Net Identifiable Assets $1118000 |-9000 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 "Printer Version" button at the top of t Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. * 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 amount with a negative sign. Do not use do Net Cash = Cash Paid Cash Received 199000 89000 10000 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 "Printer Version" button at the top of t Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. 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 when the amount is entered. Do not indent Debit Credit Date Account Titles and Explanation 2016 Aug. 28 TT Cash T89000 Accounts Receivable (Net) 155500 Short-Term Investments 137500 TMerchandise Inventory 128500 Toffice Equipment 151000 Land 196000 Computers 112600 Gain on Acquisition of Nick Company 119000 TAccounts Payable 134000 TLong-Term Notes Payable 144000 Mortgage Payable 173000 Bonds Payable 135000 Pension Liability 173500 Cash [99000 bol click on the hunarlinke holourStep by Step Solution
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