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Advanced Accounting: Chapter 3 Quiz

front 1

PR Company pays $15,000 in cash and issues stock with a fair value of $45,000 to acquire all of SX Corporation's stock. SX will be a subsidiary of PR. Balance sheet accounts just prior to the acquisition are as follows, in trial balance format:

(look at image)

PR's consultants find these items that are not reported on SX's balance sheet:

---------------------------------------------------------------

Fair Value

Potential contracts w/ new customers $5,000

Advanced production technology $6,000

Future cost savings $1,500

Customer lists $3,000

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Outside consultants are paid $300 in cash, and registration fees to issue PR's new stock are $500. Total acquisition cost reported by PR (the debit to Investment on PR's books) is

back 1

$60,000

$15,000 + $45,000 = $60,000

front 2

PR Company pays $20,000 in cash and issues stock with a fair value of $50,000 to acquire all of SX Corporation's stock. SX will be a subsidiary of PR.

Total acquisition cost reported by PR (the debit to Investment on PR's books) is

back 2

$70,000

front 3

PR Company pays $5,000 in cash and issues stock with a fair value of $30,000 to acquire all of SX Corporation's stock. SX will be a subsidiary of PR.

Total acquisition cost reported by PR (the debit to Investment on PR's books) is

back 3

$35,000

front 4

PR Company pays $10,000 in cash and issues stock with a fair value of $40,000 to acquire all of SX Corporation's stock. SX will be a subsidiary of PR.

Total acquisition cost reported by PR (the debit to Investment on PR's books) is

back 4

$50,000

front 5

PR Company pays $10,000 in cash and issues stock with a fair value of $40,000 to acquire all of SX Corporation’s stock. SX will be a subsidiary of PR.

Total acquisition cost reported by PR (the debit to Investment on PR's books) is

back 5

$50,000