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damaskus [11]
2 years ago
9

Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding shar

es of Vicker. What will be the consolidated Additional Paid-In Capital and Retained Earnings (January 1, 2018 balances) as a result of this acquisition transaction?
Business
1 answer:
CaHeK987 [17]2 years ago
8 0

Answer:

$504,000

Explanation:

Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding shares of Vicker.

The consolidated Additional Paid-In Capital and Retained Earnings (January 1, 2018 balances) as a result of this acquisition transaction will be:

Journal entries

Dr. Cash (12000 shares x $47)..................................$564,000

Cr. Common Stock (12,000 shares x $5).................................$60,000

Cr. Additional Paid-In Capital [(12,000 shares x ($47-$5)].$504,000

Being issue of common of $5 per share at the price of $47 per share

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