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Hi, could you please show the calculations. Thank you The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just before
Hi, could you please show the calculations. Thank you
The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows: Current assets Land Other tangible assets Liabilities Common shares Retained earnings, 1/1/Year 4 Revenues Expenses Walla $293,000 613,000 513,000 413,000 213,000 613,000 813,000 633,000 Au Inc. $203,000 463,000 283,000 323,000 63,000 253,000 653,000 343,000 On December 31, Year 4, Walla purchased all of the outstanding shares of Au Inc. by issuing 25,000 common shares with a market value of $30 per share. The carrying amounts of Au Inc.'s assets and liabilities were equal to fair value except for the following: Land Other tangible assets Liabilities Fair Value $513,000 326,000 343,000 Required: What are the balances for the land, other tangible assets, goodwill, investment in common shares, liabilities, common shares, and revenues after the transaction noted above on: (Leave no cells blank - be certain to enter "0" wherever required.) (a) Walla's separate entity financial statements (b) Au Inc.'s separate entity financial statements (c) Walla's consolidated financial statements (a) Walla separate $ 613,000 (b) Au separate $ 463,000 (c) Walla consolidated $ 1,126,000 Land Other tangible assets 513,000 283,000 513,000 Goodwill 0 0 94,000 Investment in common shares 750,000 % % OOOOO 0 >>>> >* 0 Liabilities 413,000 323,000 756,000 Common shares 463,000 463,000 793,000 63,000 563,000 Revenues 793,000Step by Step Solution
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