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Following are selected accounts for Gemini Corporation and Mars Company as of December 31, 2019. Several of Gemini's accounts have been omitted. Gemini o
Following are selected accounts for Gemini Corporation and Mars Company as of December 31, 2019. Several of Gemini's accounts have been omitted. Gemini o Revenues $900,000 Mars $500,000 o Cost of Goods Sold 360,000 200,000 o Depreciation expense o Other expenses 140,000 40,000 100,000 60,000 o Equity in Mars' Income ? 1,350,000 1,200,000 195,000 80,000 o Retained Earnings, 1/1/191 o Dividends o Current Assets o Land Building (Net) o Equipment (Net) o Liabilities o Common Stock o Additional Paid-in Capital 300,000 1,380,000 450,000 180,000 750,000 280,000 300,000 500,000 600,000 620,000 450,000 75,000 80,000 320,000 Gemini acquired 100% of Mars on January 1, 2015, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2015, Mars' land was undervalued by $40,000, its buildings were overvalued by $30,000, and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10- year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment. The book value of Mars at Jan 1, 2015 was 857,500. Compute the December 31, 2019, consolidated common stock.
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