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Question: the following book and fair values were available for westmont...

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The following book and fair values were available for Westmont Company as of March 1 Book Value Fair Value Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings 1/1 Revenues Expenses $ 609,250 $572,250 755, 250 1,050,000 1,800,000 2,152,500 849,750 (91,000) 91,0) (2,000,000) (500,000) (416,500) (481,500) 324,500 Arturo Company pays $4,150,000 cash and issues 20,900 shares of its $2 par value common stock (fair value of $50 per shae)for all of Westmonts common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $28,600 and Arturo pays $44,600 for legal fees to complete the transaction Prepare Arturos journal entry to record its acquisition of Westmont. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) View transaction list 1 Record the acquisition of Westmont Company 2 Record the legal fees related to the combination 3 Record the payment of stock issuance costs

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