PLEASE HELP ME SOLVE BLANK ANSWERS ARE WHAT I AM MISSING Post Combination Balance Sheet Presented below are the balance sheets of Allen Corporation and Benson Corporation, immediately prior to a business combination The fair values of Bensons reported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $75,000 Allen Corp Benson Corp Cash $1,000,000 $ 50,000 Other current assets 600,000 150,000 Property, plant and equipment 1,200,000 300,000 Total assets $2,800,000 $500,000 Current liabilities $300,000 $100,000 Long term liabilities 600,000 250,000 Common stock 1,100,000 100,000 APIC 0 0 Retained earnings 800,000 50,000 Total liabilities and equity $2,800,000 $500,000 Required Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination (1) Allen acquires Benson for $400,000 cash Not all drop down answers may be required for the journal entry If an account is not required, select N A as your answer Description Debit Credit AnswerCashInvestment in Benson Answer Answer AnswerOther current assetsN A Answer Answer AnswerProperty, plant and equipmentN A Answer Answer AnswerIdentifiable intangiblesN A Answer Answer AnswerGoodwillN A Answer Answer AnswerCurrent liabilitiesN A Answer Answer AnswerLong term liabilitiesN A Answer Answer Cash Answer Answer Not all accounts listed will have a balance If a balance isn't required, leave answer field blank (or enter zero) Allen Corp Post Combination Balance Sheet Cash Answer Other current assets Answer Property plant and equipment Answer Investment in Benson Answer Identifiable intangibles Answer Goodwill Answer Answer Current liabilities Answer Long term liabilities Answer Common stock Answer Additional paid in capital Answer Retained earnings Answer Answer Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination (2) Allen issues stock with a fair value of $800,000 to acquire Benson Not all drop down answers may be required for the journal entry If an account is not required, select N A as your answer Description Debit Credit AnswerCashInvestment in Benson Answer Answer AnswerOther current assetsN A Answer Answer AnswerProperty, plant and equipmentN A Answer Answer AnswerIdentifiable intangiblesN A Answer Answer AnswerGoodwillN A Answer Answer AnswerCurrent liabilitiesN A Answer Answer AnswerLong term liabilitiesN A Answer Answer Common stock Answer Answer Not all accounts listed will have a balance If a balance isn't required, leave answer field blank (or enter zero) Allen Corp Post Combination Balance Sheet Cash Answer Other current assets Answer Property plant and equipment Answer Investment in Benson Answer Identifiable intangibles Answer Goodwill Answer Answer Current liabilities Answer Long term liabilities Answer Common stock Answer Additional paid in capital Answer Retained earnings Answer Answer ost Combination Balance Sheet eported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $75,000 Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination (1) Allen acquires Benson for $400,000 cash Not all drop down answers may be required for the journal entry If an account is not required, select N A as your answer Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination (2) Allen issues stock with a fair value of $800,000 to acquire Benson Not all drop down answers may be required for the journal entry If an account is not required, select N A as your answe (2) Allen issues stock with a fair value of $800,000 to acquire Benson Not all drop down answers may be required for the journal entry If an account is not required, select N A as your answer begin tabular l l l l hline Current liabilities v 0 100000 hline Long term liabilities v 0 hline Common stock 0 800000 hline end tabular Not all accounts listed will have a balance If a balance isn't required, leave answer field blank (or enter zero) ost Combination Balance Sheet eported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $75,000 Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination (1) Allen acquires Benson for $400,000 cash Not all drop down answers may be required for the journal entry If an account is not required, select N A as your answer Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination (2) Allen issues stock with a fair value of $800,000 to acquire Benson Not all drop down answers may be required for the journal entry If an account is not required, select N A as your answe (2) Allen issues stock with a fair value of $800,000 to acquire Benson Not all drop down answers may be required for the journal entry If an account is not required, select N A as your answer begin tabular l l l l hline Current liabilities v 0 100000 hline Long term liabilities v 0 hline Common stock 0 800000 hline end tabular Not all accounts listed will have a balance If a balance isn't required, leave answer field blank (or enter zero)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 25, 2024

PLEASE HELP ME SOLVE. BLANK ANSWERS ARE WHAT I AM MISSING! Post-Combination Balance Sheet Presented below are the balance sheets of Allen Corporation and Benson

PLEASE HELP ME SOLVE. BLANK ANSWERS ARE WHAT I AM MISSING!

Post-Combination Balance Sheet

Presented below are the balance sheets of Allen Corporation and Benson Corporation, immediately prior to a business combination. The fair values of Bensons reported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $75,000.

	Allen Corp.	Benson Corp.
Cash	$1,000,000	$ 50,000
Other current assets	600,000	150,000
Property, plant and equipment	1,200,000	300,000
Total assets	$2,800,000	$500,000
Current liabilities	$300,000	$100,000
Long-term liabilities	600,000	250,000
Common stock	1,100,000	100,000
APIC	0	0
Retained earnings	800,000	50,000
Total liabilities and equity	$2,800,000	$500,000

Required

Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination:

(1) Allen acquires Benson for $400,000 cash.

Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer.

Description	Debit	Credit
AnswerCashInvestment in Benson	Answer	Answer
AnswerOther current assetsN/A	Answer	Answer
AnswerProperty, plant and equipmentN/A	Answer	Answer
AnswerIdentifiable intangiblesN/A	Answer	Answer
AnswerGoodwillN/A	Answer	Answer
AnswerCurrent liabilitiesN/A	Answer	Answer
AnswerLong-term liabilitiesN/A	Answer	Answer
Cash	Answer	Answer

Not all accounts listed will have a balance. If a balance isn't required, leave answer field blank (or enter zero).

Allen Corp. Post-Combination Balance Sheet
Cash		Answer
Other current assets		Answer
Property plant and equipment		Answer
Investment in Benson		Answer
Identifiable intangibles		Answer
Goodwill		Answer
		Answer
Current liabilities		Answer
Long-term liabilities		Answer
Common stock		Answer
Additional paid-in capital		Answer
Retained earnings		Answer
		Answer

Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination:

(2) Allen issues stock with a fair value of $800,000 to acquire Benson.

Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer.

Description	Debit	Credit
AnswerCashInvestment in Benson	Answer	Answer
AnswerOther current assetsN/A	Answer	Answer
AnswerProperty, plant and equipmentN/A	Answer	Answer
AnswerIdentifiable intangiblesN/A	Answer	Answer
AnswerGoodwillN/A	Answer	Answer
AnswerCurrent liabilitiesN/A	Answer	Answer
AnswerLong-term liabilitiesN/A	Answer	Answer
Common stock	Answer	Answer

Not all accounts listed will have a balance. If a balance isn't required, leave answer field blank (or enter zero).

Allen Corp. Post-Combination Balance Sheet
Cash		Answer
Other current assets		Answer
Property plant and equipment		Answer
Investment in Benson		Answer
Identifiable intangibles		Answer
Goodwill		Answer
		Answer
Current liabilities		Answer
Long-term liabilities		Answer
Common stock		Answer
Additional paid-in capital		Answer
Retained earnings		Answer
		Answer

image text in transcribed

ost-Combination Balance Sheet eported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $75,000. Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination: (1) Allen acquires Benson for $400,000 cash. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer. Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination: (2) Allen issues stock with a fair value of $800,000 to acquire Benson. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answe (2) Allen issues stock with a fair value of $800,000 to acquire Benson. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer. \begin{tabular}{|l|l|l|l|} \hline Current liabilities & v^ & 0 & 100000 \\ \hline Long-term liabilities & v^ & 0 & \\ \hline Common stock & & 0 & 800000 \\ \hline \end{tabular} Not all accounts listed will have a balance. If a balance isn't required, leave answer field blank (or enter zero). ost-Combination Balance Sheet eported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $75,000. Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination: (1) Allen acquires Benson for $400,000 cash. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer. Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination: (2) Allen issues stock with a fair value of $800,000 to acquire Benson. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answe (2) Allen issues stock with a fair value of $800,000 to acquire Benson. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer. \begin{tabular}{|l|l|l|l|} \hline Current liabilities & v^ & 0 & 100000 \\ \hline Long-term liabilities & v^ & 0 & \\ \hline Common stock & & 0 & 800000 \\ \hline \end{tabular} Not all accounts listed will have a balance. If a balance isn't required, leave answer field blank (or enter zero)