Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can some answer this question for me please and be show all calculations please On January 2, 2005 Tennessee Corporation issued 10e, eee new shares

Can some answer this question for me please and be show all calculations please
image text in transcribed
On January 2, 2005 Tennessee Corporation issued 10e, eee new shares of its $5 par value common stock valued at $19 a share for all of Alaska Company's outstanding common shares in an acquisition. Tennessee paid $15, 000 for registering and issuing securities and $10,ee0 for other direct costs of the business combination. The fair value and book value of Alaska's identifiable assets and liabilities were the same Summarized balance sheet information for both companies just before the acquisition on January 2, 2005 is as follows: TennesseeAlaska Cash Inventories Other current assets Land Plant assets-net Total Assets 320, 000 500, 000 350, eee 4, 000,000 $5, 329,88 400,000 500, 000 250,000 1,5ee, 000 $2,770,000 $1, 000, 000 1,300, 000 300,000 660,000 Accounts payable Notes payable Capital stock, $5 par Paid-in capital Retained Earnings 1,900,000 100,000 20, 000 1,210,000 $5,320,000 $2,770,000 2 Required: Prepare a balance sheet for Tennessee Corporation immediately after the business combination. On January 2, 2005 Tennessee Corporation issued 10e, eee new shares of its $5 par value common stock valued at $19 a share for all of Alaska Company's outstanding common shares in an acquisition. Tennessee paid $15, 000 for registering and issuing securities and $10,ee0 for other direct costs of the business combination. The fair value and book value of Alaska's identifiable assets and liabilities were the same Summarized balance sheet information for both companies just before the acquisition on January 2, 2005 is as follows: TennesseeAlaska Cash Inventories Other current assets Land Plant assets-net Total Assets 320, 000 500, 000 350, eee 4, 000,000 $5, 329,88 400,000 500, 000 250,000 1,5ee, 000 $2,770,000 $1, 000, 000 1,300, 000 300,000 660,000 Accounts payable Notes payable Capital stock, $5 par Paid-in capital Retained Earnings 1,900,000 100,000 20, 000 1,210,000 $5,320,000 $2,770,000 2 Required: Prepare a balance sheet for Tennessee Corporation immediately after the business combination

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started