Question
I keep getting the same two questions wrong. Slim Corporations balance sheet at January 1, 20X7, reflected the following balances: Assets Liabilities & Stockholders Equity
I keep getting the same two questions wrong. Slim Corporations balance sheet at January 1, 20X7, reflected the following balances: Assets Liabilities & Stockholders Equity Cash & Receivables $ 89,000 Accounts Payable $ 33,000 Inventory 126,000 Income Taxes Payable 49,000 Land 86,000 Bonds Payable 274,000 Buildings & Equipment (net) 485,000 Common Stock 240,000 Retained Earnings 190,000 Total Assets $ 786,000 Total Liabilities & Stockholders Equity $ 786,000 Ford Corporation entered into an active acquisition program and acquired 80 percent of Slims common stock on January 2, 20X7, for $450,000. The fair value of the noncontrolling interest at that date was determined to be $112,500. A careful review of the fair value of Slims assets and liabilities indicated the following: Book Value Fair Value Inventory $ 126,000 $ 146,000 Land 86,000 76,000 Buildings & Equipment (net) 485,000 562,000 Goodwill is assigned proportionately to Ford and the noncontrolling shareholders. Required: Compute the appropriate amount related to Slim to be included in the consolidated balance sheet immediately following the acquisition for each of the following items:
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