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Presentation/PPT
27/08/2022
value:5 points On January 1, 2011, Marshall Company acquired 100 percent of the outstanding common stock of Tucker Company. To acquire these shares, Marshall issued $200,000 in long-term liabilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Marshall paid $30,000 to accountants, lawyers, and brokers for assistance in the acquisition and another $12,000 in connection with stock issuance costs.Prior to these transactions, the balance sheets for the two companies were as follows:Marshall CompanyBook Value Tucker CompanyBook Value ——————————————————————————–In Marshall’s appraisal of Tucker, it deemed three accounts to be undervalued on the subsidiary’s books: Inventory by $5,000, Land by $20,000, and Buildings by $30,000. Marshall plans to maintain Tucker’s separate legal identity and to operate Tucker as a wholly owned subsidiary.(a) Determine the amounts that Marshall Company would report in its postacquisition balance sheet. In preparing the postacquisition balance sheet, any required adjustments to income accounts from the acquisition should be closed to Marshall’s retained earnings. (Input all amounts as positive values. Omit the “$” sign in your response.)ConsolidatedTotals ——————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————–(b) Prepare a worksheet to consolidate the balance sheets of these two companies as of January 2011. (Enter credit entries for investment in Tucker Company in the order of (S) Elimination of subsidiary’s stockholders’ equity and (A) Allocation of Tucker’s consideration fair value in excess of book value. Leave no cells blank – be certain to enter “0” wherever required. Credit balances should be entered with a minus sign. Omit the “$” sign in your response.)
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