Reference no: EM132468479
Problem - On December 31, 2018, Sun Corporation acquired all 70 million of Stars' shares. Sun issued 51 million shares of Sun stock and paid additional $30 in cash for each share of Stars stock. Sun stock, which has a par value of $1 per share, had a market value of $34 per share. The estimated fair values of Stars Company's accounts were as follows:
Cash and cash equivalents $105,000,000
Receivables $141,000.000
Capitalized costs $269,000,000
Intangible assets $3,140,000,000
Accounts payable $(325,000,000)
Other liabilities $(83,000,000)
Deferred income tax liability $(1,121,000,000)
Required -
1. Calculate the total price paid for Stars. Is there goodwill or a gain on bargain purchases?
2. Record the acquisition assuming Stars was dissolved.
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