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$ - %, too 3 BI U BavA x fx DO ALL WORK PROB 1 TAB_1 on Parts a, b, c, d, AS INDICATED ON

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$ - %, too 3 BI U BavA x fx DO ALL WORK PROB 1 TAB_1 on Parts a, b, c, d, AS INDICATED ON "REQUIRED in spaces provided below DO ALL WORK for Parts & ton PRO 1 TAB 2 Hillary Corp. acquired all the outstanding common stock of Bill Inc. on January 1, 2019. Bill Inc.'s book value was $1,800,000 at the time. Hillary Corp issued 60,000 shares of its common stock having a par value of $5 per share and a fair value of $36 per share to execute this transaction. Bill Inc. will remain in existence and continue to operate. Hillary was willing to pay this level of consideration because it felt that buildings (ten-year life) were undervalued on Bill's records by $100,000 and equipment (eight-year life) was undervalued by $120,000. Any remaining consideration transferred over fair value of identified net assets acquired is assigned to goodwill, Hillary Corp. incurred $50,000 legal expenses and $32,000 stock issuance costs in executing this transaction. At the time of this transaction Hillary Corp advanced $100,000 to Bill Inc. Bill Inc. had not paid back the advance as of December 31, 2019. For the year ended December 31, 2019 Bill Inc. reported net income of $260,000 and paid dividends of $80,000 to its shareholders REQUIRED Prepare the journal entry to record Mary Cor s on of inc. on 11/2019. Anwen pace provided PROSTAB space bow b. Prepare anal Vale Allocation of Purchase Schedule for allery Corp' in A n space provided PROBITAB 1 space "below c. Prepare an Excess Amortion Schedule for this on as of 1//2019. Answer in space provided PROB 1 TAB 1 space below d. Complete an analysis of Mary Granvestimentin ing for the period 1/1/2019 to 12/31/2011. Answer in the space provided PROB 1 TAB 1 space below 6. Prepare ALL Consolidation Worksheet s , ALDE & Pfor year ending December 31, 2019 for Hilary Corp. and ine.. Answer PROB 1 TAB 2 All entries should be beled por y and to have explanations for the purpose of each entry 1. Complete the Consolidation Worksheette Comidate the statements of Hillary Corp. and in using the spare provided on the tab PRO 1 TAB 2 ANSWERS FOR PARTS , b ond SHOULD BE DONE IN THE AREAS PROVIDED BELOW Journal Entry Record BILLIN1 019 SUMMARY PROB 1 TAB 1 PROB 1 TAB 2 PROB 1 EX CREDIT PROB 2 IMPAIRMENT PRO $ - %, too 3 BI U BavA x fx DO ALL WORK PROB 1 TAB_1 on Parts a, b, c, d, AS INDICATED ON "REQUIRED in spaces provided below DO ALL WORK for Parts & ton PRO 1 TAB 2 Hillary Corp. acquired all the outstanding common stock of Bill Inc. on January 1, 2019. Bill Inc.'s book value was $1,800,000 at the time. Hillary Corp issued 60,000 shares of its common stock having a par value of $5 per share and a fair value of $36 per share to execute this transaction. Bill Inc. will remain in existence and continue to operate. Hillary was willing to pay this level of consideration because it felt that buildings (ten-year life) were undervalued on Bill's records by $100,000 and equipment (eight-year life) was undervalued by $120,000. Any remaining consideration transferred over fair value of identified net assets acquired is assigned to goodwill, Hillary Corp. incurred $50,000 legal expenses and $32,000 stock issuance costs in executing this transaction. At the time of this transaction Hillary Corp advanced $100,000 to Bill Inc. Bill Inc. had not paid back the advance as of December 31, 2019. For the year ended December 31, 2019 Bill Inc. reported net income of $260,000 and paid dividends of $80,000 to its shareholders REQUIRED Prepare the journal entry to record Mary Cor s on of inc. on 11/2019. Anwen pace provided PROSTAB space bow b. Prepare anal Vale Allocation of Purchase Schedule for allery Corp' in A n space provided PROBITAB 1 space "below c. Prepare an Excess Amortion Schedule for this on as of 1//2019. Answer in space provided PROB 1 TAB 1 space below d. Complete an analysis of Mary Granvestimentin ing for the period 1/1/2019 to 12/31/2011. Answer in the space provided PROB 1 TAB 1 space below 6. Prepare ALL Consolidation Worksheet s , ALDE & Pfor year ending December 31, 2019 for Hilary Corp. and ine.. Answer PROB 1 TAB 2 All entries should be beled por y and to have explanations for the purpose of each entry 1. Complete the Consolidation Worksheette Comidate the statements of Hillary Corp. and in using the spare provided on the tab PRO 1 TAB 2 ANSWERS FOR PARTS , b ond SHOULD BE DONE IN THE AREAS PROVIDED BELOW Journal Entry Record BILLIN1 019 SUMMARY PROB 1 TAB 1 PROB 1 TAB 2 PROB 1 EX CREDIT PROB 2 IMPAIRMENT PRO

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