Question
On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Carrying Amount Fair Value Receivables $ 79,400 $ 79,400
On May 1, Soriano Co. reported the following account balances along with their estimated fair values: |
Carrying Amount | Fair Value | ||||||||||||||||||
Receivables | $ | 79,400 | $ | 79,400 | |||||||||||||||
Inventory | 90,600 | 90,600 | |||||||||||||||||
Copyrights | 133,000 | 556,000 | |||||||||||||||||
Patented technology | 895,000 | 764,000 | |||||||||||||||||
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Total assets | $ | 1,198,000 | $ | 1,490,000 | |||||||||||||||
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Current liabilities | $ | 234,000 | $ | 234,000 | |||||||||||||||
Long-term liabilities | 650,000 | 638,900 | |||||||||||||||||
Common stock | 100,000 | ||||||||||||||||||
Retained earnings | 214,000 | ||||||||||||||||||
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Total liabilities and equities | $ | 1,198,000 | |||||||||||||||||
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- Record the acquisition of Soriano Co.
- Record the expenses related to the combination.
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