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1. On July 1, Winter Inc paid $50.000.000 by cash to acquire Summer Inc. Summer Inc was dissolved after acquisition. The information of Summer Inc net assets fair value is as follows ( in thousands) January 1
July 1
Cash
$10.000
$12.000
Account Receivable
$20.000
$15.000
Inventories
$25.000
$32.000
Plants Assets
$40.000
$40.000
Account Payable
$14.000
$15.000
Notes Payable
$28.000
$25.000
Required : calculate the goodwill or the gain from bargain purchase of the business combination ! Debit ( in thousands ) Cash Account Receivable Inventories Plant Assets Total
$ 12.000 15.000 32.000 40.000 $ 99.000
Credit ( in thousands ) Account Payable Notes Payable Total Net assets
$ 15.000 25.000 $ 40.000
= total assets – total liabilites = $ 99.000 - $ 40.000 = $ 59.000
Gain from bargain purchase = net assets – investment = $ 59.000 - $ 50.000 = $ 9.000
2. Van N.V. acquired Jong N.V. by issuing convertible bonds for $5.000.000 and 500.000 shares of $10 par value of common stock with market value of $5.000.000. given below is the information of Jong N.V. liabilities at the time of acquisition ( in thousand ) Book Value
Fair Value
Account Payable
$ 3.000
$ 2.500
Unearned Revenues
$
400
$
400
Interest Payable
$
100
$
100
Notes Payable
$ 6.700
$ 6.700
Bonds Payable
$12.000
$10.000
Required : determined the amount of Jong N.V. liabilties to be recognized by Van N.V. as a result of the acquisition !
Book Value Account Payable Uearned Revenues Interest Payable Notes Payable Bonds Payable Total Liabilities
$ 3.000 400 100 6.700 12.000 $ 22.200
Fair Value $ 2.500 400 100 6.700 10.000 $ 19.700
3. Pat Corporation paid $ 5.000.000 for Saw Corporation’s voting common stock on January 2, 2011 and saw was dissolved. The purchase price consisted of 100.000 shares of Pat’s common stock with a market value of $4.000.000 plus $1.000.000 cash. In addtion, Pat paid $100.000 for registering and issuing the 100.000 shares of common stock and $200.000 for other costs of combination. Balance sheet information for the companies immediately before the acquisition summarized as follow ( in thousand ) Pat Saw Book Value
Book Value
Fair Value
Cash
$ 6.000
$
480
$
480
Account Receivable
$ 2.600
$
720
$
720
Note Receivable - net
$ 3.000
$
600
$
600
Inventories
$ 5.000
$
840
$ 1.000
Other Current Assets
$ 1.400
$
360
$
400
Land
$ 4.000
$
200
$
400
Building Net
$18.000
$ 1.200
$ 2.400
Equipment Net
$20.000
$ 1.600
$ 1.200
Total Assets
$60.000
$ 6.000
$ 7.200
Account Payable
$ 2.000
$
$
Mortgage Payable 10%
$10.000
$ 1.400
Capital Stock, $10 par
$20.000
$ 2.000
Other paid in capital
$16.000
$ 1.200
Retained Earning
$12.000
$
Total Equities
$60.000
$ 6.000
600
600
$ 1.200
800
Required : a. prepare journal entries for Pat Corporation to record its acquisition of Saw Corporation, including all allocations to individual assets and liability accounts !
Journal entries to record the acquisition of Saw Corporation Investment in Saw
$ 5.000.000
Capital stock, $10 par
$ 1.000.000
Other paid in capital
$ 3.000.000
Cash
$ 1.000.000
(To record acquisition of saw for $ 100.000 shares of common stock and $ 1.000.000 cash)
Investment expense
$
200.000
Other paid in capital
$
100.000
Cash
$
300.000
(To record payment of coats to register and issue the shares of stock $100.000 and other costs of combination)
Cash
$ 480.000
Account Receivable
$ 720.000
Notes Receivable
$ 600.000
Inventories
$1.000.000
Other current assets
$ 400.000
Land
$ 400.000
Buildings
$2.400.000
Equipment
$1.200.000
Account Payable
$ 600.000
Mortgage Payable
$1.200.000
Investment in Saw
$5.000.000
Gain on bargain purchase
$ 400.000
(To record the net assets of Saw at fair value and the gain on the bargain purchase)
Gain on bargain purchase calculation Acquisition price
$5.000.000
Fair value of net assets acquired
$5.400.000
Gain on bargain purchase
$ 400.000
b. Prepare a balance sheet for Pat Corporation on January 2,2011 immediately after the acquisition and dissolution of Saw
Pat Corporation Balance Sheet At January 2,2011 (After Business Combination )
Assets Current Assets Cash
$ 5.180.000
Account Receivable – net
$ 3.320.000
Notes Receivable – net
$ 3.600.000
Inventories
$ 6.000.000
Other Current Assets
$ 1.800.000
Total Current Assets
$19.900.000
Plant assets Land
$ 4.400.000
Buiding – net
$20.400.000
Equipment – net
$21.200.000
Total Plant Assets
$46.000.000
Total Assets
$65.900.000
Libilities and Stockholders’ Equity Liabilities Account Payable
$ 2.600.000
Mortgage payable
$11.200.000
Total Liabilities
$13.800.000
Stockholders’ Equity Capital Stock
$21.000.000
Other Paid In Capital
$18.900.000
Retained Earnings
$12.200.000
Total Stockholders’ Equity
$52.100.000
Total Libilities and Stockholders’ Equity
$65.900.000
