Use the following information for Problems 3-9 through 3-13:

Paulcraft Corporation builds large powerboats. On January 1, 2015, Paulcraft acquires Switzer Corporation, a company that manufaccures smaller power boats. Paulcraft pays cash in exchange for Switzer common stock. Switzer has the following balance sheet on

anuary 2015:

Switzer Corporation

Balance Sheet

January 1, 2015

Assets

Liabilities and Equity

Accounts receivable

Land

Buildings . . . . . . . . . . . . . .

Accumulated depreciation

Equipment ..

Accumulated depreciation

Total assets.

$ 82,000

Current liabilities

10 000

Bonds payable

60,000

common stock I par.......

200,000

Paid-in capital in excess of par

(50,000)

kelained earnings ..

100,000

(30,000)

$402.000

Total liabilities and equity . . . .

Appraisal values for identifiable assets and liabilities are as follows:

Accounts receivable ..

Inventory (sold during 2015).

Land... . . . . . . . ..

Buildings (20-year life)

Equipment (5-year life)

Current liabilities . . . .

Bonds payable (5 year life)

Any remaining excess is attributed to goodwill

$ 82,000

38,000

150,000

280,000

100,000

90,000

96,000

Use the following information for Problems 3-9 through 3-13: Paulcraft Corporation builds large powerboats. On January 1, 2015. Paulcraft acquires Switzer Corporation, a company that manufactures smaller power boats. Paulcraft pays cash in exchange for Switzer common stock. Swizzer has the following balance sheet on January 1, 2015: Appraisal values for identifiable assets and liabilities are as follows: Any remaining excess is attribured to goodwill. Use the following information for Problems 3-9 through 3-13: Paulcraft Corporation builds large powerboats. On January 1, 2015. Paulcraft acquires Switzer Corporation, a company that manufactures smaller power boats. Paulcraft pays cash in exchange for Switzer common stock. Swizzer has the following balance sheet on January 1, 2015: Appraisal values for identifiable assets and liabilities are as follows: Any remaining excess is attribured to goodwill