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Q1) On January 1, 2009, Pampas Company obtained 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock.  Consideration transferred by Pampas was $1,200,000 for common and $124,000 for preferred. Any excess acquisition-date fair value over book value is considered patents and amortized over 10 years. Capital structure of Smith immediately previous to acquisition is:

Common stock, $10 par value

$500,000

Preferred Stock, 6% cumulative, $10 par value

$300,000

Additional paid-in capital

$200,000

Retained earnings

$500,000

Total Stockholders' Equity

$1,500,000.00

Make allocations schedule and S&A consolidation journal entry for December 31, 2009 consolidation worksheet.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917946

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