Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Flynn Incorporated acquires 1 0 0 percent of the outstanding voting shares of Macek Company on January 1 , To obtaln these shares, Flynn pays
Flynn Incorporated acquires percent of the outstanding voting shares of Macek Company on January
To obtaln these shares, Flynn pays $ cash In thousands and Issues shares of $ par value
common stock on this date. Flynns stock had a falr value of $ per share on that date. Flynn also pays $In
thousands to a local investment firm for arranging the acquisition. An additional $In thousands was paid
by Flynn In stock Issuance costs.
The book values for both Flynn and Macek Immediately preceding the acquisition follow. The falr value of
each of Flynn and Macek accounts is also Included. In addition, Macek holds a fully amortized trademark that
still retains a $In thousands value. The figures below are in thousands. Any related question also is in
thousands.
What amount will be reported for consolidated common stock?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started