Review problem of petra corporation

Reference no: EM132218878

Quesiton: Petra Corporation paid $500,000 for 80% of the outstanding voting common stock of Sizable Corporation on January 2, 2014 when the book value of Sizable's net assets was $460,000. The fair values of Sizable's identifiable net assets were equal to their book values except as indicated below.

Book Fair

Value Value

Inventories (sold in 2014) $80,000 $112,000

Buildings-net (15-year life) 200,000 170,000

Note Payable (paid in 2014) 20,000 21,250

Sizable reported net income of $75,000 during 2014; dividends of $35,000 were declared and paid during the year.

Reference no: EM132218878

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