Question
Use the following information for Problems 3-9 through 3-13: Paulcraft Corporation builds large powerboats. On January 1, 2015, Paulcraft acquires Switzer Corporation, a company that
Use the following information for Problems 3-9 through 3-13:
Paulcraft Corporation builds large powerboats. On January 1, 2015, Paulcraft acquires Switzer Corporation, a company that manufaccures smaller power boats. Paulcraft pays cash in exchange for Switzer common stock. Switzer has the following balance sheet on
anuary 2015:
Switzer Corporation
Balance Sheet
January 1, 2015
Assets
Liabilities and Equity
Accounts receivable
Land
Buildings . . . . . . . . . . . . . .
Accumulated depreciation
Equipment ..
Accumulated depreciation
Total assets.
$ 82,000
Current liabilities
10 000
Bonds payable
60,000
common stock I par.......
200,000
Paid-in capital in excess of par
(50,000)
kelained earnings ..
100,000
(30,000)
$402.000
Total liabilities and equity . . . .
Appraisal values for identifiable assets and liabilities are as follows:
Accounts receivable ..
Inventory (sold during 2015).
Land... . . . . . . . ..
Buildings (20-year life)
Equipment (5-year life)
Current liabilities . . . .
Bonds payable (5 year life)
Any remaining excess is attributed to goodwill
$ 82,000
38,000
150,000
280,000
100,000
90,000
96,000
Use the following information for Problems 3-9 through 3-13: Paulcraft Corporation builds large powerboats. On January 1, 2015. Paulcraft acquires Switzer Corporation, a company that manufactures smaller power boats. Paulcraft pays cash in exchange for Switzer common stock. Swizzer has the following balance sheet on January 1, 2015: Appraisal values for identifiable assets and liabilities are as follows: Any remaining excess is attribured to goodwill. Use the following information for Problems 3-9 through 3-13: Paulcraft Corporation builds large powerboats. On January 1, 2015. Paulcraft acquires Switzer Corporation, a company that manufactures smaller power boats. Paulcraft pays cash in exchange for Switzer common stock. Swizzer has the following balance sheet on January 1, 2015: Appraisal values for identifiable assets and liabilities are as follows: Any remaining excess is attribured to goodwill
Use the following information for Problems 3-9 through 3-13:
Paulcraft Corporation builds large powerboats. On January 1, 2015, Paulcraft acquires Switzer Corporation, a company that manufaccures smaller power boats. Paulcraft pays cash in exchange for Switzer common stock. Switzer has the following balance sheet on
anuary 2015:
Switzer Corporation
Balance Sheet
January 1, 2015
Assets
Liabilities and Equity
Accounts receivable
Land
Buildings . . . . . . . . . . . . . .
Accumulated depreciation
Equipment ..
Accumulated depreciation
Total assets.
$ 82,000
Current liabilities
10 000
Bonds payable
60,000
common stock I par.......
200,000
Paid-in capital in excess of par
(50,000)
kelained earnings ..
100,000
(30,000)
$402.000
Total liabilities and equity . . . .
Appraisal values for identifiable assets and liabilities are as follows:
Accounts receivable ..
Inventory (sold during 2015).
Land... . . . . . . . ..
Buildings (20-year life)
Equipment (5-year life)
Current liabilities . . . .
Bonds payable (5 year life)
Any remaining excess is attributed to goodwill
$ 82,000
38,000
150,000
280,000
100,000
90,000
96,000
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
