A (part )

proposal 2

part A

part B

B (part )

proposal 1

proposal 2

Myers Company Lid was formed 10 years ago by the issuance of 35,000 common shares to three shareholders. Four years later, the company went public and issued an additional 30,000 common shares. The management of Myers is considering a takeover in which Myers would purchase all of the assets and assume all of the liabilities of Norriz Inc. Two altemative proposais are being considered: PROPOSAL 1 Myers would offer to poy $459.900 cash for the Norris net assets. In addition, Myers would incur legal, appraisal, and finders' fees for a total cost of $6,300. PROPOSAL 2 Myers would issue 63,000 shares currently trading ot $7,30 eoch for the Nomis net assets. Other costs associated with the takeover would be as follows: Norris shareholders would be offered five seats on the 10-member board of directors of Myers, and the management of Norris would be absorbed into the surviving company. Balance sheet data for the two companies prior to the combination ore as follows: Norris shareholders would be offered five seats on the 10-member board of directors of Myers, and the management of Norris would be absorbed into the surviving company. Balance sheet data for the two companies prior to the combination are as follows: Required: (a) Prepare the journal entries in the accounting records of Myers Company Ltd. to record the takeover of Norris Inc. under. Proposal 1 and Proposal 2 . (If no entry is required for a transection/event, select "No Journal Entry Required" in the first account field.) Proposal 1 (a) Prepare the joumal entries in the accounting records of Myers Company Ltd. to record the takeover of Norris Inc. under Proposal 1 and Proposal 2 (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Proposal 1 Journal entry worksheet Record the acquisition of net assets in Norris Inc. Nate: Enter debits beforr credits. Journal entry worksheet Record the professional fees expense paid. Notes Enter debits before credits. Journal entry worksheet Record the acquisition of net assets in Norris Inc. Note: Enter debits before credits. Journal entry worksheet Record the professional fees expense paid and costs of issuing shares. Notet Enter debits before credits. (b) Prepare the balance sheet of Myers after the takeover for each of the proposals being considered. Proposal 1 Proposal 2