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Calculate pernot additional paid-in capital at january

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Problem - Pernot Corp and Kool Mo LTD merge on January 1, 2020. Before the merger transaction, the balance sheets of the two companies were as follows:

(in millions)

Pernot Corp

Kool Mo LTD

Assets

$2,788

$2,804

Liabilities

$1,192

$902

Common stock ($1 par value)

150

200

Additional paid-in capital

xxx

220

Retained earnings

1,002

xxx

Pernot issues 60,000 shares of its common stock with a market value of $6.8 billion to the owners of Kool Mo in return for all of their shares of Kool Mo common stock. The assets of Kool Mo have a market value in excess of book value of $62 million. Calculate Pernot's additional paid-in capital at January 1, 2020.

Reference no: EM132999866

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