On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation...

  

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On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon atook (95 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon atook (95 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon stock (45 par valoe) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon atook (95 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon took (5 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon atook (95 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon atook (95 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon stock (45 par valoe) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon atook (95 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values. On May 1, Burns Corporation acquired 100 percent of the outstanding ownership shares of Quigley Corporation in exchange for $730,000 cash. At the acquisition date, Quigley's book and fair values were as follows: Cash Receivables Inventory Land Building and equipment (net) Patented technology Total sta Accounts payable Long-term Liabilities Connon took (5 par value) Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Book Value $141,500 235,000 297,000 159,000 285,000 1,117,500 8140,500 704,000 210,000 90,000 (27,900) $1,117,500 Fair Value #141,500 235,00€ 372,000 114,000 370,000 220,000 1,452,500 140.500. 704,000 Burns directs Quigley to seek additional financing for expansion through a new long-term debt issue. Consequently, Quigley will issue a set of financial statements separate from that of its new parent to support its request for debt and accompanying regulatory filings. Quigley elects to apply pushdown accounting in order to show recent fair valuations for its assets Required: Prepare a separate acquisition-date balance sheet for Quigley Corporation using pushdown accounting. Note: Input all amounts as positive values.

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