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On January 1, 2009, Rand Corp. issued shares of its common stock to acquire all of the outstanding common stock of Spaulding Inc. Spaulding's book value was only $140,000 at the time, but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share. Rand was willing to convey these shares because it felt that buildings (ten-year life) were undervalued on Spaulding's records by $60,000 while equipment (five-year life) was undervalued by $25,000. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill.
Following are the individual financial records for these two companies for the year ended December 31, 2012.
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Prepare a consolidation worksheet for this business combination.
Clancey Inc. issues $2,085,500 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. What amount will Clancey receive when it issues the bonds?
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and furnished 60% of their support.
If a division is evaluated using return on investment (ROI) without regard to how assets are financed, the denminator in the ROI calculation will be
The Heymann company's bonds have 4 years remaining to maturity. Interest is paid annually; the bonds have a $1,000 at maturity. Bond L has a maturity of 15 years, and Bond S a maturity of 1 year.
How are the shares that have not yet been issued included in the company's balance sheet? Do they represent an asset of the company?
Discuss main objectives of non- profit-making organisations
Bernice dies and, under a will, passes real estate to her surviving husband. The real estate is subject to a mortgage. For estate tax purposes, how will any marital deduction be determined? Can Bernice's estate deduct the mortgage under § 2053? Ex..
Zeta Co. has outstanding 100,000 shares of $100 par value cumulative preferred stock which has a dividend rate of 6%. They have not declared any cash dividends on the stock in the last 3 years.
At 12/31/12, the end of Jenner Company's first year of business, inventory was $4,100 and $2,800 at cost and market, respectively. Following is data relative to the 12/31/13 inventory of Jenner.
R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Total overhead costs assigned to deluxe racquets, using a single overhead rate, are
Assume that Ajack intends to have a profit of 20% more than the current profit. How many units must he sell to achieve his target?
Where on the balance sheet should a 20 year, 12% bond, due 1/1/2013 for $500,000 be listed. Is it a current liability or a long term liability?
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