Question: On January 1 , 2 0 2 2 , Hope Company acquired Glory, Inc. by issuing 6 0 , 0 0 0 shares of its

On January 1,2022, Hope Company acquired Glory, Inc. by issuing 60,000 shares of its common stock with a market value of $30 per share. Equipment on Glory's books was undervalued by $80,000, resulting in annual amortization of $8,000. Also, there was an unrecorded customer list valued at $50,000, resulting in annual amortization of $5,000; as well as a 10-year franchise agreement valued at $60,000. The separate 2022 financial statements for Hope and Glory follow.
Hope Co. Glory, Inc.
Sales revenue $ 200,000 $ 85,000
Cost of goods sold -150,000-15,000
Gross profit 50,00070,000
Operating expenses -28,000-37,000
Equity income 14,000_
Net Income $ 36,000 $ 33,000
Retained Earnings, 1/1/22 $ 500,000 $250,000
Net income 36,00033,000
Dividends -25,000-6,000
Retained Earnings, 12/31/22 $ 511,000 $277,000
Cash and receivables $1,100,000 $450,000
Inventory 540,00022,000
Equity investment 1,808,000
Property, plant & equipment (Net)980,000130,500
Total Assets $4,428,000 $602,500
Accounts payable $ 175,000 $ 25,000
Accrued liabilities 142,00018,000
Notes payable 900,0000
Common stock 450,000120,000
Additional paid-in capital 2,250,000162,500
Retained Earnings, 12/31/22511,000277,000
Total Liabilities and Equities $4,428,000 $602,500
Required: At what amount will each of the following be presented on consolidated financial statements for 2022?
a. Consolidated net income
b. Cash and receivables
c. Equity investment
d. Property, plant and equipment (net)
e. Goodwill
f. Common stock
g. Additional paid-in capital
h. Retained earnings
i. Total intangible assets

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