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Following are preacquisition financial balances for Padre
Company and Sol Company as of December 31. Also included are fair
values for Sol Company accounts.
Building and equipment (net)
Common stock—$20 par value
Common stock—$5 par value
Additional paid–in capital
Retained earnings, 1/1
Note: Parentheses indicate a credit balance.
On December 31, Padre acquires Sol’s outstanding stock by paying
$349,000 in cash and issuing 11,400 shares of its own common stock
with a fair value of $40 per share. Padre paid legal and accounting
fees of $23,400 as well as $12,800 in stock issuance costs.
Determine the value that would be shown in Padre’s consolidated
financial statements for each of the accounts listed.
(Input all amounts as positive values.)
Worksheet Amounts Inventory Land Buildings and equipment Franchise agreements Goodwill Revenues Additional paid-in capital Expenses Retained earnings, 1/1 Retained earnings, 12/31
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