Prepare the entry petrie makes to record the acquisition

Assignment Help Accounting Basics
Reference no: EM132158379

Question - Petrie Corporation acquired all the stock of Slab Company, at an acquisition cost of $25 million in cash. Slab's book value at the time was $18 million. Slab's net assets are reported at amounts approximating market value at the date of acquisition. However, it has previously unreported identifiable intangible assets, valued at $9 million.

a. Prepare the entry Petrie makes to record the acquisition.

b. Prepare consolidation eliminating entries (E) and (R) at the date of acquisition.

Reference no: EM132158379

Questions Cloud

Success or failure of a change initiative : Assess how a change agent can influence the generation, direction, success or failure of a change initiative.
What is dairy days contribution margin ratio : Variable costs are $ 1.00 per cone. Fixed costs are $2,200 per month. What is Dairy Days' contribution margin ratio
Department of corrections what would you do : Department of Corrections, what would you do? What options would you have? What if your state was in extreme financial trouble already?
Manufacturing and healthcare industries : Discuss the similarities and differences of quality between the manufacturing and healthcare industries.
Prepare the entry petrie makes to record the acquisition : Petrie Corporation acquired all the stock of Slab Company, at an acquisition cost of $25 million in cash. Prepare the entry Petrie makes to record acquisition
Identify a few resources and capabilities specific : For an organization with which you are familiar, identify a few resources and capabilities specific to that organization.
How the given can impact your level of reimbursement : Medical record documentation is required to record pertinent facts, findings, and observations about an individual's health history, including past and present.
Discuss any ethical issues that might have arisen : Discuss any ethical issues that might have arisen in the course of your internship/employment/court observation.
Experience the highest turnover at paul shoes : The customer service positions are those that experience the highest turnover at Paul's shoes. Paul wants to know the primary sources for advertising the custom

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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