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<br/> <br/>3. Acquisition Entry and Consolidation Working Paper On January 31, 2014, Phoenix, Inc. acquired all of the outstanding common stock of Spark Corporation for $400 million cash plus 25 million shares of Phoenix'' $10 par value common stock having a market value of $90 per share. Registration fees were $5 million and merger-related consultant and legal fees were $8 million, paid in cash. Immediately prior to the acquisition, the trial balances of the two companies were <br/> <br/>1960_project2.png <br/> <br/>A review of the fair values of Spark''s assets indicates that current assets are overvalued by $10 million, plant and equipment is undervalued by $200 million, and previously unreported brand names and trademarks have a fair value of $300 million. <br/> <br/>Required <br/> <br/>a. Prepare the entry Phoenix makes to record the acquisition of Spark. <br/> <br/>b. Prepare a working paper to consolidate the balance sheets of Phoenix and Spark at January 31, 2014.
Sage, Inc., a closely held corporation that is not a PSC, has a $140,000 passive loss, $85,000 of active business income, and $35,000 of portfolio income. How much of the passive loss can Sage deduct?
During the year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased in 2003 for $50,000, and when it was sold it had an adjusted basis of $30,000. How should this gain be treated?
1. what are the low risk auditing ares for the home depots 2. If management of the Home Depot faced tremendous pressure regarding the entity's financial performance, what opportunities might exist for them to engage in fraudulent financial reporti..
Swanson Inc. purchased $400,000 of Malone Corp. ten-year bonds with a stated interest rate of 8 percent payable quarterly. At the time the bonds were purchased
In general, which of the following statements is correct with respect to unemployment compensation?
ohare companys only asset as of january 1 2010 was a limousine. during 2010 only the following three transactions
production of an order consisting 800 units requires direct materials of 350000 and direct labor or 250000. factory
In the first year of the partnership, its cash-basis incom was $100,000, $50,000 of which was the collection of the transferred receivables. When is the income of the partnership reported and by whon?
What is the net monetary advantage (disadvantage) of processing Product X beyond the split-off point? What is the net monetary advantage (disadvantage) of processing Product Y beyond the split-off point?
Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year
Provide Harvards 2000 pension expense journal entry? What does the account Prepaid / Accrued cost represent? Is it a liability or asset? Is the plan under-funded or over-funded?
Consider the Industrial Supply Company example again. Assume that the company plans to maintain its dividend payments at the same level in 2009 as in 2008.
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