Business, 06.05.2021 17:30, TH3L0N3W0LF

On January 1, 2021, Nichols Company acquired 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock. The consideration transferred by Nichols was $1,200,000 for the common and $124,000 for the preferred. There was no premium in the value of consideration transferred. Any excess acquisition-date fair value over book value is considered goodwill. The capital structure of Smith immediately prior to the acquisition is:

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On January 1, 2021, Nichols Company acquired 80% of Smith Company's common stock and 40% of its non-...