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Cash Receivables $ 400,000 220,000 Padre Company Book Values 12/31 Sol Company Book Values 12/31 $ 120,000 300,000 Fair Values 12/31 $ 120,000 300,000 Inventory
Cash Receivables $ 400,000 220,000 Padre Company Book Values 12/31 Sol Company Book Values 12/31 $ 120,000 300,000 Fair Values 12/31 $ 120,000 300,000 Inventory 410,000 210,000 260,000 Land 600,000 130,000 110,000 Building and equipment (net) 600,000 270,000 330,000 Franchise agreements 220,000 190,000 220,000 Accounts payable (300,000) (120,000) (120,000) Accrued expenses (90,000) (30,000) Long-term liabilities (900,000) (510,000) (30,000) (510,000) Common stock-$20 par value (660,000) Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 (210,000) (70,000) (90,000) (390,000) (240,000) Revenues Expenses (960,000) 920,000 (330,000) 310,000 Note: Parentheses indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $360,000 in cash and issuing 10,000 shares of its own common stock with a fair value of $40 per share. Padre paid legal and accounting fees of $20,000 as well as $5,000 in stock issuance costs. Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.) Wisconsin also paid $30,000 to a broker for arranging the transaction. In addition, Wisconsin paid $40,000 in stock issuance costs. Badger's equipment was actually worth $700,000, but its patented technology was valued at only $280,000. What are the consolidated balances for the following accounts? (Input all amounts as positive values) Accounts a. Net income b. Retained earnings, 1/1/20 c. Patented technology (net) d. Goodwill e. Liabilities f. Common stock g. Additional paid-in capital Amounts
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