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Prepare the entry on the books of Pace Company

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Question - Pace Company purchased 20,000 of the 25,000 shares of Saddler Corporation for $525,900. On January 3, 2014, the acquisition date, Saddler Corporation's capital stock and retained earnings account balances were $500,600 and $100,300, respectively.

The following values were determined for Saddler Corporation on the date of purchase:

 

Book Value

Fair Value

Inventory

$50,300

$69,400

Other current assets

201,600

201,600

Marketable securities

100,100

123,600

Plant and equipment

294,100

335,600

Prepare the entry on the books of Pace Company to record its investment in Saddler Corporation.

Reference no: EM132509744

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