By Paul M. Fischer, William J. Taylor, Rita H. Cheng
Complicated Accounting, 8e deals the main authoritative, conceptually powerful, and accomplished insurance of complex accounting issues of any textual content out there. thoroughly up to date to mirror the entire most modern FASB pronouncements, it really is a good education source for the CPA examination. complicated Accounting additionally presents scholars with the instruments they should pursue expert careers in an international economic climate. this is often the single textual content out there to make use of the horizontal method of consolidations worksheets, the layout most ordinarily utilized in the company international.
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Extra info for Advanced Accounting 9th Edition
Goodwill . . . . . . . . . . . . . . . . . . Liabilities . . . . . . . . . . . . . . . . . . Deferred Tax Liability ($30,000 building ϩ $15,000 goodwill) Common Stock, $10 par, 8,500 shares . . . . . . . . Paid-In Capital in Excess of Par, 8,500 shares ϫ $40 . . . Cash (for direct acquisition costs) . . . . . . . . . . Dr. ϭ Cr. Check Totals . . . . . . . . . . . . . . . 50,000 100,000 300,000 60,000 50,000 80,000 45,000 85,000 340,000 10,000 560,000 560,000 Procedures get complicated if the tax-free exchange occurs at a bargain price.
Expansion Inc. agreed that the value of the goodwill is $35,000. To satisfy the $180,000 net asset value, Expansion issued common stock with a par value of $2 and a fair value of $20. Expansion issued 9,000 shares ($180,000 net asset value Ϭ $20 per share). It is common to state the stock exchange ratio in a business combination. In this example, the ratio would be 9 to 1, or 9,000 Expansion shares for 1,000 Jacobs Company shares. While the negotiation and settlement of the pooling were based on fair values, the recording of the transaction was based on book values.
Building (net) . . . . . . . . $100,000 300,000 25% 75 Total . . . . . . . . . . . 3(G Ϫ $200,000) $ 71,429 257,143 $ 80,000 240,000 $ 8,571 (17,143) $328,572 $320,000 $ (8,572) Total The building, land, and related tax amounts would be recorded as follows: Inventory . . . . . . . . . . . . Land . . . . . . . . . . . . . Deferred Tax Asset (on land) . . . . . . Building . . . . . . . . . . . . Deferred Tax Asset (on NOL) . . . .
Advanced Accounting 9th Edition by Paul M. Fischer, William J. Taylor, Rita H. Cheng