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 The balance sheets of Palisade Company and salisbury corporation were as

image text in transcribedCan some answer this question for me please and be show all calculations please
The balance sheets of Palisade Company and salisbury corporation were as follows on December 31, 2004: Palisade $ 268,000 440,eee 600,000 100,000 $1,400, 000 100,000 Salisbury 20,e00 480,00 200,000 200, 000 Equipment-net Buildings-net Land Curren Common Stock, $5 par Paid-in Capital Retained Earnings Total Liabilities and Stockholders' equity 120,000 100, 000 200,000 280, 000 200,000 $1,000, eee On January 1, 25 Palisade issued 3, of its shares with a market value of $40 per share in exchange for all of Salisbury's shares, and Salisbury was dissolved. Palisade paid $20,000 to register and issue the new common shares. It cost Palisade $50,000 in direct combination costs. Book values equal market values except that Salisbury's land is worth $250, oo0. Required: Prepare a Palisade balance sheet after the business combination on January 1, 2005. The balance sheets of Palisade Company and salisbury corporation were as follows on December 31, 2004: Palisade $ 268,000 440,eee 600,000 100,000 $1,400, 000 100,000 Salisbury 20,e00 480,00 200,000 200, 000 Equipment-net Buildings-net Land Curren Common Stock, $5 par Paid-in Capital Retained Earnings Total Liabilities and Stockholders' equity 120,000 100, 000 200,000 280, 000 200,000 $1,000, eee On January 1, 25 Palisade issued 3, of its shares with a market value of $40 per share in exchange for all of Salisbury's shares, and Salisbury was dissolved. Palisade paid $20,000 to register and issue the new common shares. It cost Palisade $50,000 in direct combination costs. Book values equal market values except that Salisbury's land is worth $250, oo0. Required: Prepare a Palisade balance sheet after the business combination on January 1, 2005

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing and Assurance Services Understanding the Integrated Audit

Authors: Karen L. Hooks

1st edition

471726346, 978-0471726340

More Books

Students also viewed these Accounting questions

Question

=+9. In the regression model of Exercise 3,

Answered: 1 week ago

Question

Learn about HRM development in Poland in recent years.

Answered: 1 week ago