Paccu corporation acquired 100 percent of sallee company's common stock on january 1, 20x7. balance sheet data for the two companies immediately following the acquisition follow: paccu sallee cash $ 50,000 $ 30,000 accounts receivable 60,000 35,000 inventory 130,000 45,000 land 75,000 60,000 buildings and equipment 310,000 170,000 less: accumulated depreciation (130,000 ) (30,000 ) investment in sallee company stock 250,000 total assets $ 745,000 $ 310,000 accounts payable $ 40,000 $ 35,000 taxes payable 30,000 12,000 bonds payable 250,000 50,000 common stock 75,000 75,000 retained earnings 350,000 138,000 total liabilities and stockholders' equity $ 745,000 $ 310,000 at the date of the business combination, the book values of sallee's assets and liabilities approximated fair value except for inventory, which had a fair value of $55,000, and land, which had a fair value of $65,000. the fair value of land for paccu corporation was estimated at $90,000 immediately prior to the acquisition. based on the preceding information, at what amount should the land be reported in the consolidated balance sheet prepared immediately after the business combination? a) $135,000 b) $140,000 c) $150,000 d) $155,000
Answers: 3
Business, 22.06.2019 10:50, dbhuggybearow6jng
Melissa is a very generous single woman. before this year, she had given over $11,400,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. in the current year, melissa gave her daughter riley $100,000 and promptly filed her gift tax return. melissa did not make any other gifts this year. how much gift tax must riley pay the irs because of this transaction?
Answers: 2
Business, 22.06.2019 19:10, ayoismeisalex
Ancho corp. is an automobile company whose core competency lies in manufacturing petrol- and diesel- based cars. the company realizes that more of its potential customers are switching to electric cars. the r& d department of the company acquires competencies in developing electric cars and launches its first hybrid car, which uses both gas and electricity. in this scenario, ancho is primarilya. leveraging new core competencies to improve current market position. b. redeploying existing core competencies to compete in future markets. c. unlearning existing core competencies to create and compete in markets of the future. d. building new core competencies to protect and extend current market position
Answers: 3
Business, 22.06.2019 21:00, legazzz
Ryan terlecki organized a new internet company, capuniverse, inc. the company specializes in baseball-type caps with logos printed on them. ryan, who is never without a cap, believes that his target market is college and high school students. you have been hired to record the transactions occurring in the first two weeks of operations.
Answers: 1
Paccu corporation acquired 100 percent of sallee company's common stock on january 1, 20x7. balance...
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