Texas corporation acquired Arkansas on Jan 1, 20x3 by issuing 20,000 shares of its $20 par common
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Question:
Texas corporation acquired Arkansas on Jan 1, 20x3 by issuing 20,000 shares of its $20 par common stock for all 50,000 shares of Arkansas stock. Arkansas reported additional paid-in capital of 100,000 and retained earnings of 350,000. Texas stock was selling for 45 per share immediately after the combination subsequent to the combination Arkansas operated as a subsidiary of Texas.
Prepare the journal entry or entries that Texas would make to record the business combination with Arkansas
Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
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