Consolidated balance sheet at acquisition on 2010;

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Problem 1 (120 points) Alpha Ltd. effectively gained control over Beta Inc. by acquiring 70% of Beta's common shares paying $200,000 in cash and issuing shares with value of $500,000 to Beta's shareholders on December 31, 2010. The balance sheets of Alpha (including the effects of the acquisition) and Beta on December 31, 2010 are shown below: BALANCE SHEET Post-Acquisition ALPHA Dec 31 2010 BETA Dec 31 2010 Cashe A/R Inventory Other current assets Equipment Equipment acc depr Building Building acc depr Goodwille Investment in Be 500,000 670,000 930,000 240,000 800,000 (200,000) 320,000 500,000 220,000 50,000 400,000 (200,000) 450,000 (45,000) 50,000 700,000 e 3,640,000 1,745,000 le Accounts payable LT liabilities Common Stock R/E 1,250,000 1,730,000 1,000,000 (340,000) 3,640,000 1,050,000 268,7814 400,000 26,219 1,745,000 At the date of acquisition, the due diligence team determined the following fair values: A/R Inventory Equipment LT Liab. BETA FV 480,000 210,000 250,000 293,097 The turnover of receivables and inventory is one year and Beta's equipment had a useful life of five years at the acquisition date. The long-term liabilities balance on this date is comprised of just one specific bank loan with a remaining term of four years