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Please answer the following questions and make sure to include the workingsumbers you used to come up with the solution. Please answerr the following questions
Please answer the following questions and make sure to include the workingsumbers you used to come up with the solution.
Please answerr the following questions and make sure to include the workingsumbers you used to come up with the solution.
Postage Corporation acquired 75 percent of Stamp Corporation's common stock on December 31, 2020, for $300,000. The fair value of the noncontrolling interest at that date was determined to be $100,000. Stamp's balance sheet immediately before the combination reflected the following balances: Cash and Receivables $ 40,000 Inventory 70,000 Land 90,000 Buildings and Equipment (net) 250,000 Total Assets $ 450,000 Accounts Payable $ 30,000 Income Taxes Payable 40,000 Bonds Payable 100,000 Common Stock 100,000 Retained Earnings 180,000 Total Liabilities and Stockholders' Equity $ 450,000 A careful review of the fair value of Stamp's assets and liabilities indicated that inventory, land, and buildings and equipment (net) had fair values of $65,000, $100,000, and, $300,000 respectively. Goodwill is assigned proportionately to Postage and the noncontrolling shareholders. What amount of Stamp's inventory, land, buildings and equipment (each separately) will be included in the consolidated balance sheet immediately following the acquisition? What amount of goodwill will be reported in the consolidated balance sheet immediately following the acquisition? What amount will be reported as investment in Stamp Corporation stock in the consolidated balance sheet immediately following the acquisitionStep by Step Solution
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