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hodyreva [135]
3 years ago
7

On January 1, 2013, the stockholders of Phillips and Solina agreed to a consolidation. Because FASBrequires that one party be re

cognized as the acquirer and the other as the acquiree, it was agreed that Phillips wasacquiring Solina. Phillips agreed to issue 20,000 shares of its $10 par stock to acquire all the net assets of Solinaat a time when the fair value of Phillips’ common stock was $15 per share.
On the date of consolidation, the fair values of Solina’s current assets and liabilities were equal to their bookvalues. The fair value of plant and equipment was, however, $150,000. Phillips will incur $20,000 of direct acqui-sition costs and $6,000 in stock issue costs.

Required:Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company’s net assets.
Business
1 answer:
Galina-37 [17]3 years ago
6 0

Answer:

if you pay for money in have discussed about payment for your government and your country in 2012

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Answer: $500

Explanation:

Accounting profit = Revenue - Cost

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In the country of Normian Republic, an individual's right to own land is restricted to a large extent on the basis that it runs
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The correct answer here is C) Collectivism .

Explanation:

The political system adopted by Normian republic here is of collectivism, which is a theory that is closely related to communism. According to this theory , the main idea is that power should be held by people as a whole , rather than in hands of few individuals, and welfare of the society should be given priority over the welfare of an individual.

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3 years ago
Elite Trailer Parks has an operating profit of $200,000. Interest expense for the year was $10,000; preferred dividends paid wer
11Alexandr11 [23.1K]

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a. Earnings per share = (Operating profit - Interest expense - Tax - Preferred dividends) / Common stock outstanding

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3 0
3 years ago
John works for Heinlein Hillclimbers in Wyoming, where he earns $26,500 annually. He contributes $150 per month to his 401(k), o
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Answer: $40,710

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John's annual compensation includes his actual annual salary as well as the various payments that Heinlein Hillclimbers makes on his behalf.

His total annual compensation is:

= Annual salary + Employer's 401 contribution + Health insurance + Life insurance + AD&D + Profit sharing bonus + Tuition reimbursement + employer only taxes and insurance

= 26,500 + (150 /2 * 12 months) + (150 * 12 months) + (30 * 12 months ) + (50 * 12 months ) + (2% * 26,500) + 5,250 + (18% * 26,500)

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4 0
2 years ago
On January 1, 2021, Legion Company sold $260,000 of 8% ten-year bonds. Interest is payable semiannually on June 30 and December
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$12,021

Explanation:

Calculation to determine what Legion should report bond interest expense for the six months ended June 30, 2021, in the amount of:

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Therefore Legion should report bond interest expense for the six months ended June 30, 2021, in the amount of:$12,021

3 0
2 years ago
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