Question
Prepare the journal entry to record the direct costs for the following: ABC Corporation (parent) acquired 100% of the outstanding common stock of Oraby Inc.
Prepare the journal entry to record the direct costs for the following:
ABC Corporation (parent) acquired 100% of the outstanding common stock of Oraby Inc. (subsidiary) and ABC assumed and paid in cash the following direct costs of acquisition: ?
| Expense name | Amounts in SR |
| Legal fees | 5,000 |
| Accounting fees | 10,000 |
| Travel expenses | 2,000 |
| Legal fees (stock issue) | 15,000 |
| Accounting fees (stock issue) | 3,000 |
| SEC filing fees | 15,000 |
| Total | 50,000 |
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International financial management
Authors: Jeff Madura
9th Edition
978-0324593495, 324568207, 324568193, 032459349X, 9780324568202, 9780324568196, 978-0324593471
