FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Several of Jernigans accounts have fair values that differ from book value The fair values are Land 480000 Building 720000 Inventory 336000 and Liabilities 396000

Several of Jernigans accounts have fair values that differ from book value The fair values are Land 480000 Building 720000 Inventory 336000 and Liabilities 396000 Inglewood Inc acquired all of the outstanding common shares of Jernigan by issuing 20000 shares of common stock having a 6 par value per share but a 66 fair value per share Stock issuance costs amounted to 12000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Please find the detailed answer as follows Fair Value Consideration Given by Inglewood 20... blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting
Advanced Accounting

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

13th edition

134472144, 978-0134472140

More Books

Students explore these related Accounting questions

Question

2. On 12/31, Choco acquired Cake by issuing 40,000 shares of its common stock when the market value (=fair value) is $32/share. The cake will remain incorporated. Choco has common stock with $15 par,...

Answered: 3 weeks ago

Question

Lexington Corporation acquired all of the outstanding common stock of Chalfont, Inc., on January 1, 2009. Lexington gave shares of its no par common stock with a market value of $504 million in...

Answered: 3 weeks ago

Question

IOU Inc. purchased all of the outstanding common shares of UNI Inc. for cash of $800,000. On the date of acquisition, UNI's assets included $2,000,000 of Inventory, and Land with a Book value of...

Answered: 3 weeks ago

Question

Explain how the structure of the cash flow statement represents another subsection of the accounting equation.

Answered: 3 weeks ago

Question

Interpret each of the following tolerance frames. 00,5A b. || 0,05 0, A

Answered: 3 weeks ago

Question

In the engine system shown, l = 160 mm and b = 60 mm. Knowing that the crank AB rotates with a constant angular velocity of 1000 rpm clockwise, determine the velocity of the piston P and the angular...

Answered: 3 weeks ago

Question

=+43. Tax return forms. In order to improve the format of tax return forms, a government agency developed two new forms. To determine which, if any, are superior to the current form, 30 individuals...

Answered: 3 weeks ago

Question

Tabulation and Interpretation of Survey Results Your business communication class at South Bay College was asked by the college bookstore manager, Harry Locke, to conduct a survey. Concerned about...

Answered: 3 weeks ago

Question

Answer the following "True or False" questions using the dropdowns provided. In an inflationary environment, cost of goods sold using the FIFO method will be less than cost of goods sold when the...

Answered: 3 weeks ago

Question

In 1738, J. Bernoulli investigated the St. Petersburg paradox, which works as follows. You have the opportunity to play a game in which a fair coin is tossed repeatedly until it conies up heads. If...

Answered: 3 weeks ago

Question

The baseball team won 6 of the 20 games they played during the season. What percent of games did they win? Round your answer to the nearest hundredth, if necessary. Keypad

Answered: 3 weeks ago

Question

PROBLEM 1 Eudora Corporation manufactures a propeller. Shown below is Eudora's cost structure: ...................................................Variable cost per...

Answered: 3 weeks ago

Question

Consider an optical ground sensor at 35N latitude & 35E longitude. The image plane of its camera is 1500 pixels by 2000 pixels, the size of each pixels 0.005 mm by 0.005 mm, and the focal length is...

Answered: 3 weeks ago

Question

241. Two smooth circular cylinders each of weight 1500 N and radius 20 cm, are connected at their centers by a string AB of length of 50 cm and rest upon a horizontal plane, supports above then a...

Answered: 3 weeks ago

Question

Sarah Johnson is the health information manager for the Columbus County Alcohol and Drug Treatment Center, a CARF-accredited, publicly funded treatment facility. As a member of the quality...

Answered: 3 weeks ago

Question

Learning Outcomes 1. Implement a class with many members 2. Implement properties, initializers, and class methods 3. Override methods inherited from object 4. Design methods to avoid using mutable...

Answered: 3 weeks ago

Question

Jacobson Electronic manufactures two HD television models: the Royale. which sells for $1, 400, and a new mode the Majestic, which sells for $1, 100. The production costs calculated per unit under...

Answered: 3 weeks ago

Question

An access route is being constructed across a field (Figure Q8). Apart from a relatively firm strip of ground alongside the field's longer side AB, the ground is generally marshy. The route can...

Answered: 3 weeks ago

Question

How are the workpaper procedures for the investment in subsidiary, income from subsidiary, and subsidiarys stockholders equity accounts alike?

Answered: 3 weeks ago

Question

Par of Chicago acquired all the outstanding capital stock of Sar of London on January 1, 2016, for $1,120,000. The exchange rate for British pounds was $1.40 and Sar's stockholders' equity was...

Answered: 3 weeks ago

Question

What is a spot rate with respect to foreign currency transactions? Could a spot rate ever be a historical rate? Could a spot rate ever be a fixed exchange rate? Discuss.

Answered: 3 weeks ago

Question

Dr. Garber works with children who have grown up in poor socioeconomic conditions. Many of her clients come from homes that do not emphasize education or social involvement, and opportunities for...

Answered: 3 weeks ago

Question

Mommy go bye-bye is an example of ___________ a. cooing b. babbling c. a holophrase d. telegraphic speech

Answered: 3 weeks ago

Question

Dr. Stevenson gives all her classes 45 minutes to complete their psychology test regardless if the class meets for 50 minutes, 75 minutes, or even 3 hours. Such a technique promotes test a....

Answered: 3 weeks ago

Previous Question Next Question