Reference no: EM132708492
Question - The stockholders equity of Acme Corporation at December 31, 2010 consisted of the following:
Common stock $ 10 par 36,000 shares outstanding 360,000.00
Aditional Paid In Capital 80,000.00
Retained Earings 60,000.00
Company has been in a tight working capital positon and at October 1 sold 14,000 previously unissued common stock to Bugs Corporation for $280,0000.
All of Acme identifiable assets and liabilites were recorded at fair value at this date except for building with remaining useful life of 5 years that was undervalud by $60,000 and equipment with remaining useful life of 10 years that was overvalued by $20,000 date except for building with remaining useful life of 5 years that was undervalud by $60,000.
During 2010, Acme reported net inocme of $120,000 and paid dividends
Mar 31 of $30,000; June 30 of $30,000; Sept 30 of $ 15,000 and Dec 31 of $ 15,000 for a total of $90,000 for the year.
Required - Show all Workings:
a) Record the entry by Acme corporation on the issue of the shares to Bugs Oct 1.
b) Record the entries to record the divideds paid every quarter.
c) Record any other entry or entries necessay by Acme at year end Dec 31, 2010.
d) What is the net assets of Acme corporation at Dec 31, 2010.
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