F 3 acquisition entry and consolidation working paper on

Reference no: EM13481415

3. Acquisition Entry and Consolidation Working Paper On January 31, 2014, Phoenix, Inc. acquired all of the outstanding common stock of Spark Corporation for $400 million cash plus 25 million shares of Phoenix'' $10 par value common stock having a market value of $90 per share. Registration fees were $5 million and merger-related consultant and legal fees were $8 million, paid in cash. Immediately prior to the acquisition, the trial balances of the two companies were 1960_project2.png A review of the fair values of Spark''s assets indicates that current assets are overvalued by $10 million, plant and equipment is undervalued by $200 million, and previously unreported brand names and trademarks have a fair value of $300 million. Required a. Prepare the entry Phoenix makes to record the acquisition of Spark. b. Prepare a working paper to consolidate the balance sheets of Phoenix and Spark at January 31, 2014.

Reference no: EM13481415

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