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On January 1, 2010, Palk Corp. and Spraz Corp. had condensed balance sheets as follows: Palk CorpSpraz(C Current assets Noncurrent assets Total assets 99,000S 28,000
On January 1, 2010, Palk Corp. and Spraz Corp. had condensed balance sheets as follows: Palk CorpSpraz(C Current assets Noncurrent assets Total assets 99,000S 28,000 125,000 $56.000 S 224,000 84,000 Current liabilities 42,000 S 14,000 Long-term debt 70,000 $ Stockholders' equity 112,000$ 70,000 Total liabilities and stockholders' equity $ 224,000S 84.000 On January 2, 2010, Palk borrowed the entire $84,000 it needed to acquire 80% of the outstanding common shares of Spraz. The loan was to be paid in ten equal annual principal payments, plus interest, beginning December 31, 2010. The excess consideration transferred over the underlying book value of the acquired net assets was allocated 60% to inventory and 40% to goodwill. 24. What is consolidated current assets at January 2, 2010? A. $127,000 B. $129,800 C. $143,800 D. $148,000. E. $135,400. 25. What is consolidated noncurrent assets at January 2, 2010? A. $195,000 B. $192,200. C. $186,600 D. $181,000. E. $169,800.. 27. What is consolidated stockholders' equity at January 2, 2010? A. $112,000. B. $133,000, C. $168,000. D. $182,000. E. $203,000. On January 1, 2010, Palk Corp. and Spraz Corp. had condensed balance sheets as follows: Palk CorpSpraz(C Current assets Noncurrent assets Total assets 99,000S 28,000 125,000 $56.000 S 224,000 84,000 Current liabilities 42,000 S 14,000 Long-term debt 70,000 $ Stockholders' equity 112,000$ 70,000 Total liabilities and stockholders' equity $ 224,000S 84.000 On January 2, 2010, Palk borrowed the entire $84,000 it needed to acquire 80% of the outstanding common shares of Spraz. The loan was to be paid in ten equal annual principal payments, plus interest, beginning December 31, 2010. The excess consideration transferred over the underlying book value of the acquired net assets was allocated 60% to inventory and 40% to goodwill. 24. What is consolidated current assets at January 2, 2010? A. $127,000 B. $129,800 C. $143,800 D. $148,000. E. $135,400. 25. What is consolidated noncurrent assets at January 2, 2010? A. $195,000 B. $192,200. C. $186,600 D. $181,000. E. $169,800.. 27. What is consolidated stockholders' equity at January 2, 2010? A. $112,000. B. $133,000, C. $168,000. D. $182,000. E. $203,000
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