TH. "Week 03 - 102844-ACC-4220-02 x Ch03HW X #|aa3e_ham_p3.2 template 043015 x | | Chapter 3 homework.docx x C Int G mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt=3893282&cmid=146683&page=2&scrollpos=1395.199951171875#q3 Apps Chemical Bank | Ov... Wildfire Credit Union Capital One Banking Discover Card TH. Blackboard Learn -. Fonts | dafont.com M M1 Finan BusinessCourse Return to course Treasury stock (3.4) Total liabilities and equity $3,200 $256 The intangible assets reported above consist of patents and trademarks. GOC also has the following previously unreported intangible assets Fair Value Advanced technology $8 Customer lists 40 (a) Prepare the journal entry or entries ITI makes to record the acquisition on its own books (in millions and enter all decimal places). General Journal Description Debit Credit Investment in GOC 179.2 V 0 Merger expenses 8 v OV Common stock Ov 1 x Additional paid-in capital 90.2 x Contingent consideration liability + 3.2 V Cash 92.8 (b) Prepare a working paper to consolidate the balance sheets of ITI and GOC at June 30, 2010. Enter answers in millions and enter all decimal places. Remember to use negative signs with your credit balance answers in the Dr (Cr) Consolidation Working Paper Accounts Taken From Books Eliminations12 Week 03 - 102844-ACC-4220-02 x a Ch03HW * aa3e_ham_p3.2 template 043015 x * Chapter 3 homework.docx x C International Technology Inc. (ITI) x + X F - C # mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt=3893282&cmid=146683&page=2&scrollpos=1395.199951171875#q3 * * K : Apps Chemical Bank | Ov. Wildfire Credit Union > Capital One Banking Discover Card TH Blackboard Learn -. Fonts | dafont.com M M1 Finance - Free. C Ch. 2# 5 BusinessCourse Return to course My Subscriptions 9 Kiley Fisher Question 3 Partially correct Mark 0.81 out of 1.00 P Flag question Consolidation Working Paper, Identifiable Intangibles, Goodwill International Technology Inc. (ITI) acquires all of the voting stock of Global Outsourcing Corporation (GOC) on June 30, 2010. Amounts paid are as follows (in millions): Cash consideration to the former shareholders of GOC $80 1,200,000 shares of new $1 par common stock issued 96 Registration fees on new stock issued, paid in cash 4.8 Outside legal and advisory services, paid in cash 8 Fair value of earnings contingency 3.2 The earnings contingency provides for a potential payout to the former shareholders of GOC at the end of the third year following acquisition. The balance sheets of both companies immediately prior to Support the acquisition are as follows. Fair values of GOC's assets and liabilities at the date of acquisition arelalso provided. ITI GOC Balance Sheets (in millions) Book Value Book Value Fair Value Current assets $320 $16 $24 Property, plant and equipment, net 800 208 112 Intangible assets 2,080 32 48 Total assets $3,200 $256 Current liabilities $240 $32 $32 Long-term liabilities 1,920 160 164.8 Common stock, par 32 6.4 Additional paid-in capital 880 96 Retained earnings 160 (40) Accumulated other comprehensive income (24) 4.8 Treasury stock (8) (3.2) Total liabilities and equity $3,200 $256 The intangible assets reported above consist of patents and trademarks. GOC also has the following previously unreported intangible assets that meet ASC Topic 805 requirements for asset recognition: 4:26 PM Type here to search O W 9 9/11/2020 acer