IE $2-3($Algo$)$ Based on Problem $2-25$

Following are preacquisition financial balances for Padre Company and Sol Company as of December $31.$ Also included are fair values for Sol Company accounts.

$$PadreSolBook ValueBook ValueFair ValueCash$571,50052,25052,250$Receivables$235,500350,000350,000$Inventory$425,000250,000307,800$Land$602,500216,000188,900$Building and equipment $($net$)632,500365,000429,300$Franchise agreements$312,000256,000286,000$Accounts payable$(333,000)(141,000)(141,000)$Accrued expenses$(157,000)(52,250)(52,250)$Long$-$term liabilities$(957,500)(725,000)(725,000)$Common stock$-$$$20$ par value$(660,000)00$Common stock$-$$$5$ par value$0(210,000)0$Additional paid$-$in capital$(70,000)(90,000)0$Retained earnings, $1/1(557,500)(244,000)0$Revenues$(990,000)(411,000)0$Expenses$946,000384,0000$

Note: Parentheses indicate a credit balance.

On December $31,$ Padre acquires Sol's outstanding stock by paying $$127,500$ in cash and issuing $16,400$ shares of its own common stock with a fair value of $$40$ per share. Padre paid legal and accounting fees of $$21,500$ as well as $$6,800$ in stock issuance costs.

Required:

Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts listed below.

$***$Please help with the following: Goodwill, Additional paid$-$in capital, Expenses, Retained earnings $1/1,$ Retained earnings $12/31*****$

Navigation:

Use the Open Excel in New Tab button to launch this question.

When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.

Following are preacquisition financial balances for Padre Company and Sol Company as of December $31.$ Also

included are fair values for Sol Company accounts.

$($Note: Parentheses indicate a credit balance.$)$

On December $31,$ Padre acquires Sol's outstanding stock by paying $$127,500$ in cash and issuing $16,400$ shares of

its own common stock with a fair value of $$40$ per share. Padre paid legal and accounting fees of $$21,500$ as well

as $$6,800$ in stock issuance costs.

Required:

Note: Use the cells A$2$ to D$32$ from the above information to complete this question. Formulas for any items to

Required:

Note: Use the cells A$2$ to D$32$ from the above information to complete this question. Formulas for any items to

be subtracted must return negative values.

Determine the value that would be shown in Padre's consolidated financial statements for each of the accounts

listed below.

Following are preacquisition financial balances for Padre Company and Sol Company as of December $31.$ Also

included are fair values for Sol Company accounts.

$($Note: Parentheses indicate a credit balance.$)$

On December $31,$ Padre acquires Sol's outstanding stock by paying $$127,500$ in cash and issuing $16,400$ shares of

its own common stock with a fair value of $$40$ per share. Padre paid legal and accounting fees of $$21,500$ as well

as $$6,800$ in stock issuance costs.

Required:

Note: Use the cells A$2$ to D$32$ from the above information to complete this question. Formulas for any items to

be subtracted must return negative values.

Determ ine the value that would be shown in Padre's consolidated financial statements for each of the accounts

listed below.

$**********$I need help with the following:

Expenses; Retained earnings $1/1$; Retained earnings $12/31$