midterm1 - 143 a b MergerExpense Cash Cash Cash...

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1-43 a. b.
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Merger Expense      Cash Deferred Stock Issue Cost      Cash Cash Acount Receivable  Inventory Long Term Investments Land Rolling Stokc Plant and Equipment Patents Special Licenses Discount on Equipment Trust Notes Discount on Debentures Goodwill      Current Paybles      Mortages Payable      Premium on Mortgages Payable      Equipment Trus Notes      Debentures Payable      Common Stock      Additional Paid in Capital - Common      Deferred Stock Issue Costs Computation of goodwill Value of stock issued (14 x 180,000) Fair value of assets acquired Fair value of liabilites assumed Fair value of net identifiable assets  Journal entires on the books of HCC to record the combination: Investment in Bigtime Industries Stock Allowance for Bad Debts Accumulated Deprection Current Payables Mortgages Payable Equipment Trust Notes Debentures Payable      Discount on Debentures Payable
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     Cash      Accounts receivable      Inventory      Long-Term Investments      Land       Rolling Stock      Plant & Equipment     Patens      Special Licences      Gain on Sale of Assets and Liabilites Record sale of assets and Liabilities Common Stock Additonal Paid in Capital - Common Stock      Treasury Stock      Record retirement of Treasury Stock         7,500 = $5 x 1,500 shares        4,500 = $12,000 - $7,500 Common Stock Additional Paid in Capital - Common Additonal Paid in Capital - Retirement of Preferred Retained Earnings      Investment in Bigtime Industries Stock Record retirement of HCC stock and distribution of Integrated Industries stock:       592,5000 = 600,000 - 7,500       495,500  = 500,000 - 4,500      1,410 = 220,100 + 1.189.900
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 135,000   135,000   42,000   42,000   28,000   251,500   395,000   175,000   100,000   63,000   2,500,000   500,000   100,000   5,000   50,000   109,700   137,200   500,000   20,000   100,000   1,000,000   180,000   2,298,000   42,000   2,520,000   4,112,500   (1,702,200)  2,410,300   109,700   2,520,000   65,000   614,000   137,200   500,000   100,000   1,000,000   40,000 
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 28,000   258,000   381,000   150,000   55,000   130,000   2,425,000   125,000   95,800   1,189,900   7,500   4,500   12,000   592,500   495,500   22,000   1,410,000   2,520,000 
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2-34 a. 1 2 3 4 5 b.
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  Investment in Jackson Corporation Stock      Common Stock      Additonal Paid in Capital Cash      Investment in Jackson Corporation Stock Investment in Jackson Corporation Stock       Income from Jackson Corporation Income form Jackson Corporation      Investment in Jackson Corporation Stock Inxcome from Jackson Corporation      Investment in Jackson Corporation Stock $212,600 = $200,000 + $24,500 - $3,500 - $7,000 - $1,400
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 200,000   50,000   150,000   3,500   3,500   24,500   24,500   7,000   7,000   1,400   1,400 
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4-28 a.
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