X Corp. Acquired 100% of common stock of Y Corp. X Corp. assumed acquisition expenses as follows
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Question:
- X Corp. Acquired 100% of common stock of Y Corp. X Corp. assumed acquisition expenses as follows (amounts in $)
Legal fees 50,000
Accounting fees 30,000
Travel expenses 10,000
Legal fees (stock issue) 20,000
Accounting fees (stock) 15,000
SEC filing fees (stock) 10,000
Prior to the acquisition date, $90,000 have been paid and capitalized to a deferred charges account on the balance sheet. The remaining $45,000 has not been paid or accrued.
Required:
Prepare the journal entry to record the acquisition expenses.
Expert Answer:
Related Book For 
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
