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kindly provide the journal entries upon acquisition and balance sheet upon acquisition. Thank you so much :) 1 PHASE & STOW CO. WITH GOODWILL from

kindly provide the journal entries upon acquisition and balance sheet upon acquisition. Thank you so much :)

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1 PHASE & STOW CO. WITH GOODWILL from COMBINATION Phase Corporation acquires the net assets of Stow Company in a merger business combination in which Stow Company is dissolved. The assets and liabilities of Phase & Stow on January 2, xxx, the date pf the merger is as follows: BALANCE SHEET Cash Net receivables Inventories Land PHASE CO. 600,000 100,000 120,000 440,000 760,000 150,000 0 STOW COMPANY BVs FVs 50,000 50,000 150,000 140,000 200,000 250,000 50,000 100,000 300,000 500,000 250,000 350,000 0 50,000 0 0 1,000,000 1,440,000 Buildings- net Equipment-net Patents Investment in STOW Company Total assets 0 2,170,000 60,000 135,000 c/s Accounts payable Notes payable Ordinary shares, P 10 par Share premium Retained earnings Total liabilities & equity 100,000 0 1,500,000 300,000 270,000 2,170,000 60,000 150,000 500,000 200,000 90,000 1,000,000 APIC Phase Corporation pays P 380,000 cash and issues 50,000 shares of its P 10 par ordinary shares with a MV of P 20/share for the Net Assets of Stow Company. Phase also paid P 20,000 in direct acquisition costs and P 15,000 stock issuance costs. STEPS IN BUSINESS COMBINATION: UPON ACQUISITION 1 Determine the acquisition cost 2 Determine the market value of the net assets acquired 3 Compare Acquisition COST with MARKET VALUES of Net Assets acquired 4 On the acquirer's books, RECORD the Assets acquired (including GOODWILL) and Liabilities assumed, with a corresponding Credit to the consideration paid. 5 Immediately after the business combination, PREPARE the BALANCE SHEET of the ACQUIRER. REQUIREMENTS: IN GOOD FORM! '1. Compute the Acquisition cost 2. Compute to Market Values of Net Assets Acquired 3. Journal entries upon acquisition 4. Balance Sheet upon acquisition

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