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Problem - Bullen Inc. acquired 100% of the voting common stock if Vicker Inc. on January 1, 2018. The book value and fair value of Vicker's accounts on that date (prior to creating the combination) are as follows, along with the book value of Bullen's accounts:
Bullen Book Value
Vicker Book Value
Vicker Fair Value
Retained earnings, 1/1/20
$250,000
$240,000
Cash and receivables
170,000
70,000
$70,000
Inventory
230,000
210,000
Land
280,000
220,000
240,000
Buildings (net)
480,000
270,000
Equipment (net)
120,000
90,000
Liabilities
650,000
430,000
420,000
Common stock
360,000
80,000
Additional paid-in capital
20,000
40,000
1) Assume that Bullen paid a total of $480,000 in cash for all of the shares of Vicker. In addition, Bullen paid $35,000 for secretarial and management time allocated to the acquisition transaction. What will be the balance in consolidated goodwill?
2) Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding stock of Vicker. What is the consolidated balance for Land as a result of this acquisition transaction?
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