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  • Smith Company Is Acquired by Roan Corporation On July 1

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    Muhammad Shahid
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    Roan Corporation acquired Smith Company on July 1, 2015 by exchanging 60,000 shares of its $1 par stock valued at $18 per share for Smith Company's net assets. Roan incurred $35,000 in acquisition and stock registration costs. Smith Company's balance sheet on the acquisition date included inventory of $270,000, equipment of $220,000, land of $180,000, buildings of $300,000, current liabilities of $80,000, and bonds payable of $425,000.

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    Smith Company is Acquired by Roan Corporation on July 1

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    Roan Corporation acquired Smith Company on July 1, 2015 by exchanging 60,000 shares of its $1 par stock valued at $18 per share for Smith Company's net assets. Roan incurred $35,000 in acquisition and stock registration costs. Smith Company's balance sheet on the acquisition date included inventory of $270,000, equipment of $220,000, land of $180,000, buildings of $300,000, current liabilities of $80,000, and bonds payable of $425,000.

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    121 views1 page

    Smith Company Is Acquired by Roan Corporation On July 1

    Uploaded by

    Muhammad Shahid
    Roan Corporation acquired Smith Company on July 1, 2015 by exchanging 60,000 shares of its $1 par stock valued at $18 per share for Smith Company's net assets. Roan incurred $35,000 in acquisition and stock registration costs. Smith Company's balance sheet on the acquisition date included inventory of $270,000, equipment of $220,000, land of $180,000, buildings of $300,000, current liabilities of $80,000, and bonds payable of $425,000.

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    © All Rights Reserved
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    Smith Company is acquired by Roan Corporation on July 1

    #6206
    Smith Company is acquired by Roan Corporation on July 1, 2015. Roan exchanges 60,000
    shares of its $1 par stock, with a fair value of $18 per share, for the net assets of Smith
    Company.Roan incurs the following costs as a result of this transaction:Acquisition
    costs......................................................$25,000Stock registration and issuance
    costs.................................10,000Total costs..............................................................$35,000The
    balance sheet of Smyth Company, on the day of the acquisition, is as follows:The appraised fair
    values as of July 1, 2015, is as follows:Inventory.......................................................$270,000Eq
    uipment.......................................................220,000Land..............................................................1
    80,000Buildings.........................................................300,000Current
    liabilities.................................................80,000Bonds
    payable...................................................425,000Record the acquisition of Smyth Company on
    the books of Radar Corporation.View Solution:
    Smith Company is acquired by Roan Corporation on July 1

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