Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
Reflection paper/Reflection essay
27/08/2022
Internet Corporation is considering the acquisition of Homepage Corporation and has obtained the following audited condensed balance sheet:
Assets
Current assets 40,000
Land 20,000
Buildings (net) 80,000
Equipment (net) 60,000
Total Assets 200,000
Liabilities and Equity
Current Liabilities 60,000
Capital Stock (50,000 shares, $1 par value) 50,000
Other Paid In Capital 20,000
Retained Earnings 70,000
Total Liabilities and Equity 200,000
Internet also acquired the following fair values for Homepage’s assets and liabilities:
Current Assets 55,000
Land 60,000
Buildings (net) 90,000
Land (net) 75,000
Current Liabilities (60,000)
Total 220,000
Internet and Homepage agree on a price of 280,000 for Homepage’s net assets.
Prepare the necessary journal entry to record the purchase given the following scenarios:
A. Internet pays cash for Homepage Corporation and incurs 5,000 of direct acquisition costs
B. Internet issues its $5 par value stock as consideration. The fair value of the stock at the acquisition date is $50 per share. Additionally, Internet incurs 5,000 of security insurance costs
Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
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