View Policies Current Attempt in Progress Kamla Corporation purchased Nick Company on August 28, 2016. The Balance Sheet of Nick Company is as follows: Nick Company Balance Sheet August 28, 2016 Cash $80,000 Accounts Payable $30,000 Accounts Receivable (Gross) 60,000 Long-Term Notes Payable 32.000 Short-Term Investments 31,000 Mortgage Payable 65,000 Merchandise Inventory 31,500 Bonds Payable 35,000 Office Equipment 54,000 Pension Liability 75,000 Land 99,000 Retained Earnings 113,500 Computers 16,000 Preferred Stock 23,000 Trademarks 8,500 Paid in Capital, Preferred Stock 6,500 Total Assets $380,000 Total Liabilities & Stockholders' Equity $380,000 Additional Information: The amounts shown on the above balance sheet reflects the approximate market values except: 1) The Allowance for Doubtful Accounts was determined to be $7,500. 2) Short-Term Investments current market value was $34.500. 3) Merchandise Inventory was appraised at $26,000. 4) Office Equipment was appraised at $49,000. 5) Land was appraised at $102,400. 6) Computers were appraised at $9,400. 8) The company's Mortgage Payable correct value should be $76,500. 9) The Pension Liability was evaluated at $81,000. Compute Total Identifiable Assets, Total Identifiable Liabilities and Net Identifiable Assets for Nick Company. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Total Identifiable Assets < Total Identifiable Assets $ 0 Total Identifiable Liabilities 0 Total identifiable Liabilities Total Identifiable Liabilities Net Identifiable Assets Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. eTextbook and Media Question 1 of 1 -/25 Compute the value of the implied goodwill if Kamla Corporation pays $136,600 for Nick Company. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Implied Goodwill/ (Bargain Option) 0 Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. eTextbook and Media Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and credit amount with a negative sign. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and credit amount with a negative sign. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas) Net Cash- Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. eTextbook and Media Prepare the journal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Date Account Titles and Explanation Debit Credit Question 1 of signs (3) when entering amounts. to see comma-formatted numbers rejected in your ninat answers, you must enter your answers with commas.) Date Account Titles and Explanation 2016 Aug. 28 0 Debit Credit Question 1 of 1 Compute the value of the implied goodwill if Kamla Corporation pays $80,600, instead of $136,600, for Nick Company. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Implied Goodwill/ (Bargain Option) - - $ $ Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. eTextbook and Media Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and credit amount with a negative sign. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Compute the amount of the "Net Cash" as a result of the acquisition. (Enter debit amount with a positive sign and credit amount with a negative sign. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Net Cash $ Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers button until you have completed all of the sections. eTextbook and Media Prepare the journal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Date Account Titles and Explanation Dehit Credit Prepare the journal entry on August 28, 2016 to record the acquisition. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Date Account Titles and Explanation 2016 Aug. 28 0 Debit Credit Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. eTextbook and Media Additional Information: The amounts shown on the above balance sheet reflects the approximate market values except: 1) The Allowance for Doubtful Accounts was determined to be $7,500. 2) Short-Term Investments current market value was $34,500. 3) Merchandise Inventory was appraised at $26,000. 4) Office Equipment was appraised at $49,000. 5) Land was appraised at $102,400. 6) Computers were appraised at $9,400. 7) The Trademarks present values were $7,300. 8) The company's Mortgage Payable correct value should be $76,500. 9) The Pension Liability was evaluated at $81,000