Question 1 of 1 Kamla Corporation purchased Nick Company on August 28, 2016. The Balance Sheet of Nick Company is as follows: Nick Company Balance Sheet August 28, 2016 Cash $83,000 Accounts Payable $36,000 66,000 40,000 29,000 55,000 Accounts Receivable (Gross) Short-Term Investments Merchandise Inventory Office Equipment 29,500 30,000 54,000 71,000 Long-Term Notes Payable Mortgage Payable Bonds Payable Pension Liability Retained Earnings Preferred Stock Paid in Capital, Preferred Stock Total Liabilities & Stockholders Equity Land 90,000 118,000 Computers 18,000 22.000 Trademarks 8,500 6,000 Total Assets $378,000 $378,000 Additional Information: The amounts shown on the above balance sheet reflects the approximate market values except 13 The Allowance for Doubtful Accounts was determined to be 58.000 Short Term Investments current market value was $32.000 31 Merchandise inventory was appraised at $25.000 4) Office Equipment was appraised at 550.000 Question 1 of 1 Additional Information: 1) 2) 4) The amounts shown on the above balance sheet reflects the approximate market values except: The Allowance for Doubtful Accounts was determined to be $8,000. Short-Term Investments current market value was $32,000. 3) Merchandise Inventory was appraised at $25,000 Office Equipment was appraised at $50,000. 5) Land was appraised at $93,200. 6) Computers were appraised at $12,000 The Trademarks present values were $7.200. The company's Mortgage Payable correct value should be 564,000. The Pension Liability was evaluated at $76.000 7) 8) 9) Compute Total Identifiable Assets, Total Identifiable Liabilities and Net identifiable Assets for Nick Company (Do not use signs (5) when entering amounts. To see commo-formatted sumbers reflected in your final answers you must enter your own commas) Total identifiable Assets Question 1 of 1 -72 Compute Total Identifiable Assets, Total Identifiable Liabilities and Net identifiable Assets for Nick Company. (Do not use dolor signs (5) when entering amounts. To set comma-formatted numbers reflected in your final answers, you must enter your answers with commas) Total Identifiable Assets Total Identifiable Assets Total Identifiable Llabilities -7 Jestion 1 of 1 -125 Sections e Textbook and Media Compute the amount of the "Net Cash' as a result of the acquisition (Enter debit amount with a positive sign and credit amount with negative sign. Do not use dollar signs (5) when entering amounts. To see commo-formatted numbers reflected in your final answers, you must enter your answers with commas.) Net Cash $ Before moving onto the next section, please do the following for screen help, click on the hyperlinks below 1. Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the Printer Version button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section Complete these steps each time you have finished a section. Do not click on the submit Answer button until you have completed all of the Sections e Textbook and Media 5 2 Question 1 of 1 - 25 Prepare the journal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs (5) when entering amounts. To see como formatted numbers reflected in your final answers, you must enter your answers with commas) Date Account Titles and Explanation Debit Credit 2016 Aug. 28 G E # Question 1 of 1 -/25 Aug. 28 # Question 1 of 1 - 25 Before moving onto the next section, please do the following for screen help, click on the hyperlinks below! 1 Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the Phister Version button at the top of the page. Doing this will open your seved answers in a new window to help you complete the next section Complete these steps each time you have finished a section. Do not click on the "Submit Anvers button until you have completed at me sections Textbook and Media Attempt of **
