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The following are selected account balances from Penske Company and Stanza Corporation as of December 3 1 , 2 0 2 4 : Accounts Penske
The following are selected account balances from Penske Company and Stanza Corporation as of December : Accounts Penske Revenues Stanza Cost of Goods Sold Depreciation Expense Investment Income Not Given Dividends Declared Retained Earnings Current Assets Copyrights Royalty Agreements Investment in Stanza Liabilities Common Stock Additional Paid inCapital Not Given Note : Parentheses indicate a credit balance On January Penske acquired all of Stanza's outstanding stock for: Cash and Common Stock fair value Stock Issuance Costs At the date of acquisition copyrights with a sixyear remaining life have the following : Book Value Fair Value Required : Complete the allocation schedule and determine the following amounts as of December : a Complete the allocation schedule b What is the consolidated copyrights balance What is the consolidated net income d What is the consolidated retained earnings balance e What is the consolidated balance for goodwill
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