Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

USE THE FOLLOWING INFORMATION FOR QUESTIONS 2-4 On January 1, 2020 Tupaz Co issues 10,000 shares of it's common stock with a 55 par value

image text in transcribed
image text in transcribed
USE THE FOLLOWING INFORMATION FOR QUESTIONS 2-4 On January 1, 2020 Tupaz Co issues 10,000 shares of it's common stock with a 55 par value and a $100 fair value in exchange for 100% of the outstanding voting stock of Prevost Ltd. The following are the preacquisition book and fair values of Prevost and the book values of Tupaz's accounts: Tupaz Prevost Prevost Book Values Book Values Fair Values Current Assets Land Building, net Patented Technology Liabilities Common stock APIC Retained Earnings 300,000 250.000 400,000 100,000 -350,000 -25,000 - 175,000 -500,000 75,000 25,000 125,000 0 -40.000 -10.000 -15.000 - 160,000 75.000 40.000 200.000 20.000 -40.000 In addition to the assets listed above. Tupaz determines that Prevost's Customer List has a $220.000 fair value at the date of acquisition S Tupaz estimates that the Building has a remaining estimated life of 5 years, the Patented Technology 4 years and the Customer List 11 year Calculate goodwill at the date of acquisition Click Save and Submit to save and submit. Click Save All Answers to sate all answers QUESTION 3 Assuming the following book balances on December 31,2024, compute the consolidated totals for each category: Tupaz Prevost Consolidated Land Building Cust List 300.000 320,000 60,000 0 40,000 100.000 0 0 ET TTTT Paragraph 6 Do Mashups 4 Arial 3 (121) ETT De HTML CSS Click Save and Submit to save and submit. Click Save Answers to save all answers

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Accounting Education Teaching And Curriculum Innovations Volume 23

Authors: Thomas G. Calderon

1st Edition

1789733944, 978-1789733945

More Books

Students also viewed these Accounting questions

Question

In what ways are you similar to your closest friends?

Answered: 1 week ago