Contoh Pembahasan Soal Advanced Accounting 12th Chapter 1

Contoh Pembahasan Soal Advanced Accounting 12th Global Edition Karangan Floyd A Beams. Joseph H. Anthony

Bruce Bettinghaus. Kenneth A. Smith

Chapter 1. Business Combinations

E1-4

      Goodwill/Gain – Summer Inc.

Fair value of Summer Inc.’s net assets on July 1 [$ 12,000 + $15,000 + $32,000 +$40,000 -       $15,000 – $25,000]		$59,000,000
Less: purchase price to acquire Summer Inc.		($50,000,000)
Gain from bargain purchase		$9,000,000
(Fair value of Summer Inc.’s net assets exceeded the purchase price)

P1-1

Investment in Sung Ltd (+A)                    11,000,000
Common stock, $10 par (+SE)	5,000,000
Additional paid-in capital (+SE)	5,000,000
Cash (-A)	1,000,000
To record issuance of 500,000 shares of $10 par common stock plus $1,000,000 cash in a business combination with Sung Ltd.
Cash (+A)                                 2,000,000
Trade receivables (+A)                      800,000
Inventories (+A)                          3,000,000
Prepaid expenses  (+A)                    1,000,000
Land (+A)                                 6,800,000
Building-net (+A)                        10,100,000

Equipment-net (+A)                                                    3,000,000

   Trade payable (+L)                                    1,500,000

   Notes payable (+L)                                    4,600,000

Bonds payable (+L)                                    7,100,000                Investment in Sung Ltd (-A)                          11,000,000

            Gain from Bargain Purchase (Ga, +SE)                                              2,500,000

To assign the cost of Sung Ltd to identifiable assets acquired and liabilities assumed on the basis of their fair values and to recognize the gain from a bargain purchase.

P1-3

Par issues 25,000 shares of stock for Sin’s outstanding shares

1a	Investment in Sin	1,500,000
	Capital stock, $10 par		250,000
	Additional paid-in capital		1,250,000
To record issuance of 25,000, $10 par shares with a market price of $60 per share in a business combination with Sin.
	Investment expenses	60,000
	Additional paid-in capital	40,000
	Cash		100,000
To record costs of combination in a business combination with Sin.
	Cash	20,000
	Inventories	120,000
	Other current assets	200,000
	Land	200,000
	Plant and equipment — net	700,000
	Goodwill	360,000
	Liabilities		100,000
	Investment in Sin		1,500,000
To assign investment cost to identifiable assets and liabilities according to their fair values and the remainder to goodwill. Goodwill is computed: $1,500,000 cost - $1,140,000 fair value of net assets acquired.

1b	Par Corporation
	Balance Sheet
	January 2, 2011
	(after business combination)
	Assets
	Cash [$240,000 + $20,000 - $100,000]	$  160,000
	Inventories [$100,000 + $120,000]	220,000
	Other current assets [$200,000 + $200,000]	400,000
	Land [$160,000 + $200,000]	360,000
	Plant and equipment — net [$1,300,000 + $700,000]	2,000,000
	Goodwill	360,000
	Total assets	$3,500,000
	Liabilities and Stockholders’ Equity
	Liabilities [$400,000 + $100,000]	$  500,000
	Capital stock, $10 par [$1,000,000 + $250,000]	1,250,000
	Additional paid-in capital [$400,000 + $1,250,000 - $40,000]	1,610,000
	Retained earnings (subtract $60,000 direct costs)	140,000
	Total liabilities and stockholders’ equity	$3,500,000

P1-3 (continued)

Par issues 15,000 shares of stock for Sin’s outstanding shares

2a	Investment in Sin (15,000 shares $60)	900,000
	Capital stock, $10 par		150,000
	Additional paid-in capital		750,000
To record issuance of 15,000, $10 par common shares with a market price of $60 per share.
	Investment expense	60,000
	Additional paid-in capital	40,000
	Cash		100,000
To record costs of combination in the acquisition of Sin.
	Cash	20,000
	Inventories	120,000
	Other current assets	200,000
	Land	200,000
	Plant and equipment — net	700,000
	Liabilities		100,000
	Investment in Sin		900,000
	Gain on bargain purchase		240,000
To record Sin’s net assets at fair values and the gain on the bargain purchase.
	Fair value of net assets acquired		$1,140,000
	Investment cost (Fair value of consideration)		900,000
	Gain on Bargain Purchase		$  240,000

2b	Par Corporation
	Balance Sheet
	January 2, 2011
	(after business combination)
	Assets
	Cash [$240,000 + $20,000 - $100,000]	$  160,000
	Inventories [$100,000 + $120,000]	220,000
	Other current assets [$200,000 + $200,000]	400,000
	Land [$160,000 + $200,000]	360,000
	Plant and equipment — net [$1,300,000 + $700,000]	2,000,000
	Total assets	$3,140,000
	Liabilities and stockholders’ equity
	Liabilities [$400,000 + $100,000]	$  500,000
	Capital stock, $10 par [$1,000,000 + $150,000]	1,150,000
	Additional paid-in capital [$400,000 + $750,000 -   $40,000]	1,110,000
	Retained earnings (subtract $60,000 direct costs and add $240,000 Gain from bargain purchase)	380,000
	Total liabilities and stockholders’ equity	$3,140,000

P1-4

1     Schedule to allocate investment cost to assets and liabilities

	Investment cost (fair value), January 1	$300,000
	Fair value acquired from Sun ($360,000 100%)	360,000
	Excess fair value over cost (bargain purchase gain)	$ 60,000

      Allocation:

		Allocation
	Cash	$   10,000
	Receivables — net	20,000
	Inventories	30,000
	Land	100,000
	Buildings — net	150,000
	Equipment — net	150,000
	Accounts payable	(30,000)
	Other liabilities	(70,000)
	Gain on bargain purchase	(60,000)
	Totals	$  300,000

2	Pub Corporation
	Balance Sheet
	at January 1, 2011
		( after combination)
	Assets		Liabilities
	Cash	$  25,000	Accounts payable	$  120,000
	Receivables — net	60,000	Note payable (5 years)	200,000
	Inventories	150,000	Other liabilities	170,000
	Land	145,000	Liabilities	490,000
	Buildings — net	350,000
	Equipment — net	330,000	Stockholders’ Equity
			Capital stock, $10 par	300,000
			Other paid-in capital	100,000
			Retained earnings*	170,000
			Stockholders’ equity	570,000
	Total assets	$1,060,000	Total equities	$1,060,000
* Retained earnings reflects the $60,000 gain on the bargain purchase.

P1-5

1     Journal entries to record the acquisition of Saw Corporation

	Investment in Saw	5,000,000
	Capital stock, $10 par		1,000,000
	Other paid-in capital		3,000,000
	Cash		1,000,000
To record acquisition of Saw for 100,000 shares of common stock and $1,000,000 cash.
	Investment expense	200,000
	Other paid-in capital	100,000
	Cash		300,000
To record payment of costs to register and issue the shares of stock ($100,000) and other costs of combination ($200,000).
	Cash	480,000
	Accounts receivable	720,000
	Notes receivable	600,000
	Inventories	1,000,000
	Other current assets	400,000
	Land	400,000
	Buildings	2,400,000
	Equipment	1,200,000
	Accounts payable		600,000
	Mortgage payable, 10%		1,200,000
	Investment in Saw		5,000,000
	Gain on bargain purchase		400,000
To record the net assets of Saw at fair value and the gain on the bargain purchase.
	Gain on Bargain Purchase Calculation
	Acquisition price		$5,000,000
	Fair value of net assets acquired		5,400,000
	Gain on bargain purchase		$  400,000

P1-5 (continued)

2	Pat Corporation Balance Sheet at January 2, 2011    (after business combination) Assets
	Current Assets
	Cash	$ 5,180,000
	Accounts receivable — net	3,320,000
	Notes receivable — net	3,600,000
	Inventories	6,000,000
	Other current assets	1,800,000	$19,900,000
	Plant Assets
	Land	$ 4,400,000
	Buildings — net	20,400,000
	Equipment — net	21,200,000	46,000,000
	Total assets		$65,900,000
	Liabilities and Stockholders’ Equity
	Liabilities
	Accounts payable	$ 2,600,000
	Mortgage payable, 10%	11,200,000	$13,800,000
	Stockholders’ Equity
	Capital stock, $10 par	$21,000,000
	Other paid-in capital	18,900,000
	Retained earnings*	12,200,000	52,100,000
	Total liabilities and stockholders’ equity		$65,900,000
* Subtract $200,000 direct combination costs and add $400,000 gain on bargain   purchase.

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