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Required information The financial statements for Goodwin, Inc., and Corr Company for the year ended December 31, 2018, prior to the business combination whereby Goodwin
Required information The financial statements for Goodwin, Inc., and Corr Company for the year ended December 31, 2018, prior to the business combination whereby Goodwin acquired Corr, are as follows (in thousands): Goodwin Corr S Revenues 2,7ee 600 Expenses 1,980 400 Net income 200 $ 720 Retained earnings, 1/1 2,400 400 Net income 720 200 Dividends (270) $ 2,850 (0) 600 Retained earnings, 12/31 Cash 240 $ 220 340 Receivables and inventory Buildings (net) Equipment (net) 1,200 2,700 600 2,100 $ 6,240 1,200 $ 2,360 Total assets $ 1,500 Liabilities Common stock Additional paid-in capital Retained earnings 820 1,080 400 810 540 2,850 600 Total liabilities and stockholders equity $ 6,240 2,360 On December 31, 2018, Goodwin obtained a loan for $600 and used the proceeds, along with the transfer of 30 shares of its $10 par value common stock, in exchange for all of Corr's common stock. At the time of the transaction, Goodwin's common stock had a fair value of $40 per share. In connection with the business combination, Goodwin paid $25 to a broker for arranging the transaction and $35 in stock issuance costs. At the time of the transaction, Corr's equipment was actually worth $1,400 but its buildings were only valued at $560. Compute the consolidated revenues for 2018. Compute the consolidated revenues for 2018. Multiple Choice $2700 $720 $920 $3.300 $1,540
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