do number 2) prepare the conslidated balance sheet immediatly after acquisition as jan2 2013

CAS Go, 25g 125,- 750, 560,- 3301 Question 1: On January 2, 2013 Palta Company issued 80,000 new shares of its $5 par value common stock valued at $12 a share for all of Sudina Corporation's outstanding common shares. Palta paid $5,000 for the direct combination costs of the accountants. Palta paid $18,000 to register and issue shares. The fair value and book value of Sudina's identifiable assets and liabilities were the same except for land that was understated by $25,000 and inventories that were overstated by $10,000 Summarized balance sheet information for both companies just before the acquisition on January 2013 is as follows: Palta Sudina Inventoria Cash $75,000 $60,000 OCA Inventories 160,000 200,000 and Other current assets 200,000 250,000 plantes et Land 175,000 125,000 Goodwin Goy- 400,- Plant assets-net 1.500.000 Commonslock (89-15) Total Assets 52.110.000 $1.385.000 Ad decal Blinkel Accounts payable $100,000 155,- $155,000 A/P Notes payable 700,000 330,000 NIP Capital stock, $2 par 600,000 250,000 Additional paid-in capital 450,000 50,000 TAVCStrutex 5,- Retained Earings 260.000 600.000 Cash Total Liabilities & Equity $2.110.000 $1.385.000 Adid 18 Required: 119,- 1. Prepare Palta's general journal entry for the acquisition of Sudina assuming that Sudina will dissolve as a separate legal entity, credi't Goodwill. Detir credit Invest in sudina consideration(80_112) 960,- Common stock 1560,- (30,-7 (12.5)) | aush bola JAV Invest expense OCA I land cash Plant Assetnet Additional paid incapical 18 18/ AI? cash NI? (330,-) 900 Goodwill 2. Prepare the consolidated balance sheet immediately after the acquisition as January 2, 2013 cash Aditional Paidinapital 750