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Prepare the journal entries and prepare a new balance sheet

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Problem - Jetson Corp. has incurred losses for several years. The BOD voted to implement a quasi-reorganization. The balance sheet prior to the quasi-reorganization follows: Note: Fair Value of inventory is $250 million and PP&E FV is $100 million.

Required: Prepare the journal entries and prepare a new balance sheet.

(In millions $US)

 

Cash

$100

Receivable

200

Inventory

500

PP&E

200

Total Assets

$1,000

Liabilities

$200

Common stock (900 million paid shares; $1 par)

900

Additional-paid in capital

200

Retained earnings (deficit)

(300)

Total liabilities

$1,000

Reference no: EM131748280

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