Compute the consolidated balance for land

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Question - Assume that, on December 31, 2015, Green Air issued 60,000 shares of common stock with a $1 par value and a $22 fair market value to obtain all of CorGas's outstanding stock.

Account

GreenAir Book Value @ 12/31/15

CorGas Book Value @ 12/31/15

CorGas Market Value @ 12/31/15

Remaining Useful Life for Corgas's Assets

Revenues

$1,800,000

$400,000

 

 

Expenses

1,320,000

300,000

 

 

R/E, 12/31/14

16,000

88,000

 

 

Cash

240,000

120,000

$120,000

 

Inventory

96,000

20,000

18,000

 

Land

160,000

50,000

280,000

 

Buildings (net)

1,400,000

480,000

860,000

10

Equipment (net)

820,000

160,000

100,000

4

Current Liabilities

320,000

92,000

92,000

 

Common Stock

100,000

100,000

 

 

Additional Paid in Capital

1,800,000

450,000

 

 

1. Compute the consolidated balance for Land on the date of acquisition, 12/31/15.

2. Compute the consolidated balance for Cash on the date of acquisition, 12/31/15.

3. Compute the consolidated balance for Common Stock on the date of acquisition, 12/31/15.

4. Compute the consolidated balance for Retained Earnings on the date of acquisition, 12/31/15.

5. Compute the consolidated balance for Goodwill on the date of acquisition, 12/31/15.

Reference no: EM131739950

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