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Record the initial entry for the acquisition of queen

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The Prince company acquired 100% of the voting stock of the Queen Company on January 1, 2017 for the following consideration.

  1. $1,200,000 market value of 10,000 shares of its $10 par value common stock
  2. $2,000,000 note payable due in 5 years. 
  3. A contingent payment of $200,000 cash if queen generates profits of $500,000 or more in 2016 (fair value = 57,000)Queens profits for 2017 totaled $600,000

Problem 1: Record the initial entry for the acquisition of Queen:

Problem 2: Record the transaction and adjustment needed on January 1, 2018 based upon Queens 2017 results:

Reference no: EM132668980

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