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ACC 113 Project 1B Kamla Corporation purchased Nick Company on August 28, 2016. The Balance Sheet of Nick Company is as follows: Cash Accounts Receivable (Gross) Short-Term Investments Merchandise Inventory Office Equipment Land Computers Trademarks Total Assets Nick Company Balance Sheet August 28, 2016 $89,000 Accounts Payable 62,000 Long-Term Notes Payable 34,000 Mortgage Payable 33,000 Bonds Payable 55,000 Pension Liability 93,000 Retained Earnings 19,000 Preferred Stock 8,500 Paid in Capital, Preferred Stock $393,500 Total Liabilities & Stockholders' Equity $34,000 44,000 65,000 35,000 69,000 115,000 25,000 6,500 $393,500 Additional Information: The amounts shown on the above balance sheet reflects the approximate market values except: 1) The Allowance for Doubtful Accounts was determined to be $6,500. 2) Short-Term Investments current market value was $37,500. 3) Merchandise Inventory was appraised at $28,500. 4) Office Equipment was appraised at $51,000. 5) Land was appraised at $96,000. 6) Computers were appraised at $12,600. 7) The Trademarks present values were $7,400. 8) The company's Mortgage Payable correct value should be $73,000. 9) The Pension Liability was evaluated at $73,500. Compute Total Identifiable Assets, Total Identifiable Liabilities and Net Identifiable Assets for Nick Company. (Do not use dollar signs ( numbers reflected in your final answers, you must enter your answers with commas.) Total Identifiable Assets Cash Accounts Receivable (Gross) Short-Term Investments Compute Total Identifiable Assets, Total Identifiable Liabilities and Net Identifiable Assets for Nick Company. (Do not use dollar sian numbers reflected in your final answers, you must enter your answers with commas.) Total Identifiable Assets Cash Accounts Receivable (Gross) Short-Term Investments Merchandise Inventory Office Equipment Land Computers Trademarks Total Identifiable Assets Total Identifiable Liabilities Accounts Payable Long-Term Notes Payable Mortgage Payable Bonds Payable Pension Liability Total Identifiable Liabilities Net Identifiable Assets = Compute the value of the implied goodwill if Kamla Corporation pays $141,000 for Nick Company. (Do not use dollar signs reflected in your final answers, you must enter your answers with commas.) Implied Goodwill/ (Bargain Option) - Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you LINK TO TEXT Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and credit a entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers Net Cash = Before moving onto the next section, please do the following for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you har LINK TO TEXT Prepare the journal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically inden dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, ya Debit Credit Date Account Titles and Explanation 2016 Aug. 28 Cash Accounts Receivable (Gross) Short-Term Investments Merchandise Inventory Office Equipment Land Computers Trademarks Goodwill Accounts Payable Long-Term Notes Payable Mortgage Payable Bonds Payable Pension Liability Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the limit An h u
