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Problem - Ace, Belle and Charlie agree to combine. Denise, the new corporation, will issue 5% fully participating preferred shares and common shares, both with a par value of P25. Relevant data are presented below:
Ace
Belle
Charlie
Assets
600,000
900,000
1,000,000
Liabilities
200,000
100,000
Expected annual earnings
36,000
80,000
96,000
Denise shall issue preferred shares for net assets transferred and ordinary shares for the difference between to shares entitled and preferred shares received. Earnings are to be capitalized at 8%.
Required -
1. Compute for the total contribution of Ace?
2. Compute for the total amount of goodwill?
3. How many ordinary shares of stock will be issued to Charlie?
4. Assume goodwill is to be recorded, prepare entries in the books of Denise?
Average storage bin usage for various inventories was estimated to be 200 per day. The costs and cost drivers were determined to be as follows:
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