ew Go Tools Window Help adv accounting 401.pdf (page 60 of 1,182) EXERCISES acquisition of the net tion, acquisition is as follows: Exercise 1 (2o 2,3, 4) Asse the t versus stock acquisition. Bart Company is contemplating 0 cash. To complete the transac- costs are $15,000. The balance sheet of Crow Company on the purchase date Balance Sheet December 31,20x1 Liobilities and Equity $ 80,000 Liobilities Current assets Land Building Accumulated depreciation-building 1200,000) Retained earmings Equipment $100,000 100,000 450,000 Paid-in capital in excess of par 150,000 50,000 Common stock ($10 parl. 230,000 depresiation-equi 300,000 5 580,000 Total liabilities ond equity $580.000 Total assets The following fair values have been obtained for Crows identifiable assets and liabilities Current assets Land Building $100,000 75,000 300,000 275,000 102,000 1. Record the acquisition of the net assets of Crow Company on Bart Company's books. 2. Record the sale of the net assets on the books of Crow Company 3. Record the acquisition of 100% of the common stock of Crow Company on Bart's books. Crow Company will remain a separate legal entity 5 7 8 0