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Business, 11.10.2020 23:01 emilylunaa
The following book and fair values were available for Westmont Company as of March 1.
Book Value Fair Value
Inventory $ 231,000 $191,750
Land 822,000 1,119,750
Buildings 2,130,000 2,447,250
Customer relationships 0 867,750
Accounts payable(104,000) (104,000)
Common stock (2,000,000)
Additional paid-in capital (500,000 )
Retained earnings 1/1 (417,500)
Revenues (464,500)
Expenses 303,000
Note: Parentheses indicate a credit balance.
Arturo Company pays $3,780,000 cash and issues 28,700 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont%u2019s common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $32,800 and Arturo pays $47,500 for legal fees to complete the transaction.
Prepare Arturo%u2019s journal entry to record its acquisition of Westmont.
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The following book and fair values were available for Westmont Company as of March 1.
Book Value Fa...
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