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Thats the whole question The following information has been extracted from Pride Co. and Safola Co. on June 30, 2020. Pride Co. Safola Co. Safola

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The following information has been extracted from Pride Co. and Safola Co. on June 30, 2020. Pride Co. Safola Co. Safola Co. Book Value Fair Value Current assets $300,000 $80,000 $80,000 Patented technology 700,000 100,000 700,000 In-process research & Development 800,000 Liabilities (400,000) (400,000) (400,000) Common stock (200,000) (100,000) Additional paid-in capital (300,000) (300,000) Retained earnings, deficit 1/1 (100,000) 700,000 Revenues (900,000) (300,000) Expenses 500,000 220,000 Pride Co. obtained all of the outstanding shares of Safola Co. on June 30 by issuing 20,000 shares of $1 par value but a $50 fair value. Pride incurred $10,000 in stock issuance costs and paid $75,000 to an investment bank to arrange the combination. It also agreed to pay $100,000 (present value $30,000) to Safola former owners if it achieves certain earnings in the next two years. Required: (3 Points) 1. Allocate the consideration transferred among the assets acquired and liabilities assumed to show any goodwill or gain on bargain purchase. 2. Calculate consolidated: a. Patented technology b. Common stock. c. Additional paid-in capital d. Expenses

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