Post - Combination Balance Sheet Presented below are the balance sheets of Allen Corporation and Benson Corporation,
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Question:
PostCombination Balance Sheet
Presented below are the balance sheets of Allen Corporation and Benson Corporation, immediately prior to a business combination. The fair values of Bensons reported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $
Allen Corp. Benson Corp.
Cash $ $
Other current assets
Property, plant and equipment
Total assets $ $
Current liabilities $ $
Longterm liabilities
Common stock
APIC
Retained earnings
Total liabilities and equity $ $
Required
Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination:
Allen acquires Benson for $ cash.
Not all dropdown answers may be required for the journal entry.
Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination:
Allen issues stock with a fair value of $ to acquire Benson.
Not all dropdown answers may be required for the journal entry. If an account is not required, select NA as your answer. cash other current assets, PPE, Investment in Benson, Identifiable itangibles goodwill, common stock, long term liabilties, add paid in capital, retianed earnings
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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