Sales Expenses Net income Retained earnings, January 1, 2024 Net income (from above) Dividends paid Proud...

 

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Sales Expenses Net income Retained earnings, January 1, 2024 Net income (from above) Dividends paid Proud $ 360,000 (240,000) $ 120,000 $ 480,000 120,000 (36,000) Retained earnings, December 31, 2024 $ 564,000 Current assets Land Buildings (net) Total assets Liabilities Common stock Retained earnings, December 31, 2024 Additional paid-in capital Total liabilities and stockholders' equity $ 360,000 120,000 480,000 $ 960,000 $ 108,000 192,000 96,000 564,000 Shy $ 228,000 (132,000) $ 96,000 $ 252,000 96,000 $ 348,000 $ 120,000 108,000 336,000 $ 564,000 $ 132,000 72,000 12,000 348,000 $ 960,000 $ 564,000 On December 31, 2024 (subsequent to the preceding statements). Proud exchanged 10,000 shares of Its $10 par value common stock for all of the outstanding shares of Shy. Proud's stock on that date has a fair value of $60 per share. Shy's land was appraised at $204,000, and fair value was equal to book value for all other assets and liabilities. Proud also paid $14,000 to attorneys and accountants who assisted in creating this combination. Required: Calculate the consolidated balances of the following accounts as of December 31, 2024, after the acquisition is completed: 1. Current Assets 2. Land 3. Goodwill 4. Common Stock 5. Retained Earnings 6. Net Income Sales Expenses Net income Retained earnings, January 1, 2024 Net income (from above) Dividends paid Proud $ 360,000 (240,000) $ 120,000 $ 480,000 120,000 (36,000) Retained earnings, December 31, 2024 $ 564,000 Current assets Land Buildings (net) Total assets Liabilities Common stock Retained earnings, December 31, 2024 Additional paid-in capital Total liabilities and stockholders' equity $ 360,000 120,000 480,000 $ 960,000 $ 108,000 192,000 96,000 564,000 Shy $ 228,000 (132,000) $ 96,000 $ 252,000 96,000 $ 348,000 $ 120,000 108,000 336,000 $ 564,000 $ 132,000 72,000 12,000 348,000 $ 960,000 $ 564,000 On December 31, 2024 (subsequent to the preceding statements). Proud exchanged 10,000 shares of Its $10 par value common stock for all of the outstanding shares of Shy. Proud's stock on that date has a fair value of $60 per share. Shy's land was appraised at $204,000, and fair value was equal to book value for all other assets and liabilities. Proud also paid $14,000 to attorneys and accountants who assisted in creating this combination. Required: Calculate the consolidated balances of the following accounts as of December 31, 2024, after the acquisition is completed: 1. Current Assets 2. Land 3. Goodwill 4. Common Stock 5. Retained Earnings 6. Net Income