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Diamond Industries purchased all of the net assets of Glass Company, by issuing 15,000 shares of its $10 par common stock in a purchase-type business combination. At the time, the stock was selling for $30 per share. All costs associated with consummating the combination totaled $65,000. Included in that amount were stock issue costs of $8,000, legal fees of $52,000, and secretarial costs of $3,000. At what total amount should the net assets acquired be recorded by Diamond?

a. $450,000.

b. $458,000.

c. $502,000.

d. $510,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971942

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