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Hello! I need help on my assignment. the Problem is attached on excel Thank you The GAGA and BIEBER COMPANIES had the following balance sheets
Hello! I need help on my assignment. the Problem is attached on excel
Thank you
The GAGA and BIEBER COMPANIES had the following balance sheets on 1/1/2016 GAGA CASH 500000 ACCOUNTS RECEI 400000 LAND 500000 EQUIPMENT 400000 A/D EQUIPMENT 10000 TOTAL ASSETS BIEBER 15000 3000 50000 25000 5000 2E+006 88000 ACCOUNTS PAYAB300,000 40,000 COMMON STOCK 400000 ADDITIONAL PAID300000 30000 10000 RETAINED EARNI 790,000 8,000 On January 2nd 2016 GAGA purchased all of the outstanding shares of BIEBER BY ISSUING 1000 BIEBER'S LAND WAS WORTH $55000 AND ITS EQUIPMENT WITH A 5 YEAR LIFE WAS WORTH $10 IN ADDITION, BIEBER HAD A CUSTOMER LIST WITH A 10 YEAR LIFE WORTH $12000 ANY EXCESS I GAGA HAS DECIDED THAT BIEBER WILL CONTINUE TO EXIST. REQUIRED A) MAKE THE JOURNAL ENTRY GAGA MAKES WHEN IT ISSUES ITS SHARES TO ACQUIRE BIEBER B) MAKE THE JOURNAL ENTRY BIEBER MAKES WHEN ITS OWNERS EXCHANGE THEIR BIEBER SHA C) PREPARE A CONSOLIDATED BALANCE SHEET ON JANUARY 3RD D) MAKE ANY NECESSARY WORKSHEET ENTRIES NEEDED TO PREPARE THE BALANCE SHEET ER BY ISSUING 1000 SHARES OF ITS STOCK WHICH HAS A $75 MARKET PRICE PER SHARE At this time FE WAS WORTH $10,000 12000 ANY EXCESS IS ATTRIBUTABLE TO GOODWILL O ACQUIRE BIEBER E THEIR BIEBER SHARES FOR GAGA SHARES ALANCE SHEET RE At this timeStep by Step Solution
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