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Reverse Acquisition On January 1, 20X2, the shareholders of Untraded Company request 6,000 Traded shares in exchange for all of their 5,000 shares. This is an exchange ratio of 1.2 to 1. The fair value of a share of Traded Company is $60. The acqui- sition occurs when the two companies have the following balance sheets:
Untraded Company (the acquirer) Balance Sheet
December 31, 20X1
Assets
Liabilities and Equity
Current assets .
$ 10,000
Long-term liabilities . .
$ 5,000
Building (net) . .
150,000
Common stock ($1 par), 5,000 shares . .
5,000
Equipment (net) . .
100,000
Paid-in capital in excess of par .
115,000
Retained earnings .
135,000
Total assets. .
$260,000
Total liabilities and equity .
Traded Company (the acquiree) Balance Sheet
Book Value
Fair Value
Current assets
Long-term liabilities
$10,000
Building (net)
200,000
Common stock ($1 par), 4,000 shares
4,000
Equipment (net)
20,000
40,000
Paid-in capital in excess of par
96,000
Retained earnings
15,000
Total assets
$125,000
$245,000
Total liabilities and equity
1. Prepare an appropriate value analysis and a determination and distribution of excess schedule.
2. Complete a consolidated worksheet for Untraded Company and its subsidiary, Traded Company, as of January 1, 20X2.
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