ces Mailings Review View Table Design Layout Aa abc A A - 2+ AaBbCcDdEt AaBbCcD AaBbCcDdE AaBbCcD E Emphasis Heading 1 Normal Strong Exercise A2-1: Asset Acquisition Accounting and Different Forms of Business Combinations The following is January 1, 2013 balance-sheet information (including relevant fair value data) for Pops Corp. and Son, Inc.: + Book Values Fair Values Pops Son Pops Son Current Assets 500 500 Equipment 1,600 500 2,500 600 Building 4,800 1,500 5,260 1,800 Intangible Assets 1,725 625 1,800 750 Total Assets $8,625 $2,625 $10,060 $3, 150 Liabilities 2,000 625 2,060 650 Common Stock ($2 par) 2,000 1,000 Additional Paid-in Capital 1,000 250 Retained Earnings 3,625 750 Total Liabilities and Equities $8,625 $2,625 Additional Information: Fair value amounts for individually identifiable tangible and intangible assets are measured pursuant to FASB Accounting Standards Codification (ASC) 805 and ASC 820. Assume both companies are publicly traded. In January 1, 2013, Pops' stock price is $9.00/share and Son's stock price is $5.20 per share. Each of the following questions is independent of the others. Required: 1. On January 1, 2013, Pops Corp. issues 300 shares of its common stock to Son, Inc. in exchange for all of Son's assets and liabilities. Assume that Son does not qualify as a business pursuant to the definition in FASB ASC 805. Record the transaction on the books of Pops. 2. On January 1, 2013, Pops Corp. issues 300 shares of its common stock to Son, Inc. in exchange for all of Son's assets and liabilities. Assume that Son does qualify as a business pursuant to the definition in FASB ASC 805. Record the transaction on the books of Pops. 3. On January 1, 2013, Pops Corp. issues 300 shares of its common stock to the shareholders of Son, Inc. in exchange for all of the shares of Son common stock. Assume that Son does qualify as a business pursuant to the definition in FASB ASC 805. Record the transaction on the books of Pops. States) E OFS F5 F6 F7 F 10