Bedford assets and liabilities

Assignment Help Accounting Basics
Reference no: EM131027582

Grant Company acquired all of Bedford Corporation's assets and liabilities on January 1, 20X2, in a business combination. At that date, Bedford reported assets with a book value of $642,000 and liabilities of $367,000. Grant noted that Bedford had $45,000 of capitalized research and development costs on its books at the acquisition date that did not appear to be of value. Grant also determined that patents developed by Bedford had a fair value of $136,000 but had not been recorded by Bedford. Except for buildings and equipment, Grant determined the fair value of all other assets and liabilities reported by Bedford approximated the recorded amounts. In recording the transfer of assets and liabilities to its books, Grant recorded goodwill of $103,000. Grant paid $529,000 to acquire Bedford's assets and liabilities. If the book value of Bedford's buildings and equipment was $355,000 at the date of acquisition, what was their fair value?

Reference no: EM131027582

Questions Cloud

What pattern you notice in taylor polynomials : f has a so-called "removeable singularity" at x=0, where it is (so far) undefined. What value should we assign to f(0) to make f continuous at x=0?
Green accounting in united arab emirates : Prepare the project on Green Accounting in United Arab Emirates - the Importance of green accounting
Identify the speaker main points and discuss them : A Video Analysis and Reflection - Identify the speaker's main points and discuss them, then write your thoughts in regard to his assertions
How might this lead to social change : There is some controversy over U.S. immigration policy. What are the benefits and costs associated with increased or decreased immigration? What effects do you think increased or decreased immigration will have on jobs, security, and culture? How ..
Bedford assets and liabilities : Grant paid $529,000 to acquire Bedford's assets and liabilities. If the book value of Bedford's buildings and equipment was $355,000 at the date of acquisition, what was their fair value?
Paper detailing the issues surrounding corporate : In 4000 words, write a paper detailing the issues surrounding corporate fraud in India. You have creative freedom in this paper to choose the type of frauds you would like to discuss, their impacts and possible remedies.
Consider relationship between sample size and the population : A statistics class has 140 students of which 55% are female. A random sample of 40 students was selected. What is the probability that 24 or more from this sample will be female? Hint: Consider the relationship between the sample size and the populat..
Accounting standards and principles applicable : Using the stakeholder analysis framework, analyse if there is an ethical dilemma. Identify how this change would affect cash flow from operations using only the figures provided in your analysis. Advise Aiden as to what should be done to make the ..
Analytical procedures as risk assessment tool : Alvarez Solar Solutions (ASS) is a manufacturer of solar systems for homes and commercial businesses. The company has grown about 10% in each of the past five years. The company has not made any acquisitions. Following are some statistics for the ..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  You are auditing a company that owns twenty percent of the

you are auditing a company that owns twenty percent of the voting common stock of another corporation and uses the

  Prepare classified statement of financial performance

Provide a Report to Management of X Limited Company giving advice based on your results from the ratios - Prepare classified Statement of Financial Performance

  Nicole inc uses igaap for its external financial reporting

nicole inc. uses igaap for its external financial reporting. during 2009 an employee of the company was injured in the

  Over the past few decades the cost structure of

over the past few decades the cost structure of manufacturing companies has shifted. in the early 1900s direct material

  Corvette the leading car manufacturing company acquired

corvette the leading car manufacturing company acquired amachine for rs.125000 on jan 12004 estimated life was 8

  At the end of 2014 aramis company has accounts receivable

at the end of 2014 aramis company has accounts receivable of 800000 and an allowance for doubtful accounts of 40000. on

  Prepare closing entries and post

Prepare an adjusted trial balance , prepare closing entries and post.

  Why are the answers to requirements b and c different

During 2013, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense.

  Direct labor costs and overhead-robbins medical records

Mr. Robbins medical records indicated that a total of 20 labor hours were directly used in providing his care. The cost of the labor was $380. It was expected before the beginning of the year that a total of 90,000 direct labor hours would be cons..

  What is the difference between an expense and a payable

What is the difference between an expense and a payable? For example, Salaries Expense and Salaries Payable?

  Conversion of the preferred stock to the common stock

The market value of the common stock at the date of the conversion was $30 per share. What total amount should be credited to additional paid-in capital from common stock as a result of the conversion of the preferred stock into common stock?

  Like conway is a lawyer who requires that his clients pay

like conway is a lawyer who requires that his clients pay him in advance of legal services rendered. mike routinely

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd