60000 10000 200000 259800 P1 37 Journal Entries Journal entries to record acquisition of Light Steel net assets: Cash Record finder’s fee and transfer costs. Record audit fees and stock registration fees. Cash Accounts Payable Bonds Payable Record merger with Light Steel Company. Goodwill Total a. Balance in investment account, December 31, 20X7 Cumulative earnings since acquisition Cumulative dividends since acquisition Proportion of stock held by True Corporation Total Amount Debited to Investment Account Purchase Amount b. c. d.
60000 10000 200000 259800 P1 37 Journal Entries Journal entries to record acquisition of Light Steel net assets: Cash Record finder’s fee and transfer costs. Record audit fees and stock registration fees. Cash Accounts Payable Bonds Payable Record merger with Light Steel Company. Goodwill Total a. Balance in investment account, December 31, 20X7 Cumulative earnings since acquisition Cumulative dividends since acquisition Proportion of stock held by True Corporation Total Amount Debited to Investment Account Purchase Amount b. c. d. Merger Expense (1) (2) (3) Deferred Stock Issue Costs The fair value of net assets on January 1, 20X5 is The value assigned to the NCI shareholders on January 1, 20X5 is Amount assigned to noncontrolling interest in the consolidated balance sheet prepared at December 31, 20X7. INSTRUCTION: You are to complete the assignment using the following template. You need to fill in whatever is missing in order to complete the assignment. I have included some check figures for you in order to help you. PAGE 18 AND 19 ETC work backward from 2017 to 2015. ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Attachments:
Week 2 form.xlsx