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Commalow, Inc. buys Joebi, Inc. on 12/31/19. See attached trail balances for both Commal and Joebi as of that date. Prepare a consolidated balance sheet
Commalow, Inc. buys Joebi, Inc. on 12/31/19. See attached trail balances for both Commal and Joebi as of that date. Prepare a consolidated balance sheet for Commalow as of 12/31/ under the two following scenarios: a) Commalow exchanges 20,000 shares of its own stock for 16,000 shares of Joebi. Commalow stock has a FMV of $50.00 per share. b) Commalow exchanges 11,000 shares of its own stock for 16,000 shares of Joebi Commalow stock has a FMV of $50.00 per share. Commalow, Inc Trial Balance 12/31/2019 Scenario (a) Scenario (b) Joebi, Inc. Trial Balance 12/31/2019 Joebi, Inc. Appraised FMVS 12/31/2019 65,000 110,000 75,000 115,000 20,000 300,000 410,000 1,000,000 800,000 2,800,000 (500,000) 600,000 (230,000) Cash |A/R Inventory Invest-Joebi Land Buildings A/D Bldg Equipment A/D Equip Patent Software Goodwill Current Liabilities Bonds Payable Stock-$1 par APIC R/E 20,000 300,000 410,000 550,000 800,000 2,800,000 (500,000) 600,000 (230,000) 250,000 340,000 110,000 340,000 (130,000) 165,000 (75,000) 12,000 200,000 130,000 70,000 (95,000) (225,000) (150,000) (300,000) (93,000) (3,557,000) (1,100,000) (150,000) (300,000) (84,000) (3,116,000) (1,100,000) 68,000 (95,000) (230,000) (20,000) (180,000) (140,000)
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