Please review and provide an answer to both parts of the question. Thank you in advance for your assistance!
Chapter 6 a Saved Albuquerque, Inc., acquired 32,000 shares of Marmon Company several years ago for $750,000. At the acquisition date, Marmon reported a book value of $370,000, and Albuquerque assessed the fair value of the noncontrolling interest at $165,000. Any excess of acquisitiondate fair value over book value was assigned to broadcast licenses with indenite lives. Since the acquisition date and until 4 this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. At the present time, Marmon reports $950,000 as total stockholders' equity, which is broken down as follows: El Common stock ($10 par value) 1; 400,000 eEDok Additional paidin capital. 290,000 Retained earnings 260,000 6 Total $ 950,000 ' View the following as independent situations: References a. 8: b. Marmon sells 10,000 and 8,000 shares of previously unissued common stock to the public for $32 and $20 per share. Albuquerque purchased none of this stock. Whatjournal entry should Albuquerque make to recognize the impact ofthis stock transaction? (If no entry is required for a transaction/event, select \"Nojournal entry required\" in the rst account eld. Do not round your intermediate calculations.) View transaction list Journal entry worksheet Record the entry to recognize the impact of selling of 10,000 shares at $32 per share. Note: Enter debits before credits. Record entry Clear entry View general journal 3 Albuquerque, Inc., acquired 32,000 shares of Marmon Company several years ago for $750,000. At the acquisition date, Marmon reported a book value of $870,000, and Albuquerque assessed the fair value of the noncontrolling interest at $165,000. Any excess of acquisition-date fair value over book value was assigned to broadcast licenses with indefinite lives. Since the acquisition date and until this point, Marmon has issued no additional shares. No impairment has been recognized for the broadcast licenses. points At the present time, Marmon reports $950,000 as total stockholders' equity, which is broken down as follows: Common stock ($10 par value) $ 400, 00 Book Additional paid-in capital 290, 000 Retained earnings 260, 000 Total $ 950, 000 Print View the following as independent situations: References a. & b. Marmon sells 10,000 and 8,000 shares of previously unissued common stock to the public for $32 and $20 per share. Albuquerque purchased none of this stock. What journal entry should Albuquerque make to recognize the impact of this stock transaction? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations.) View transaction list Journal entry worksheet Record the entry to recognize the impact of selling of 8,000 shares at $20 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal
