Description
Paul, Inc. acquired 100% of Ernie’s Inc. net assets on January 1, 2009 for
$300,000 in cash and paid 10,000 for acquisition cost. The following facts
relate to the acquisitions:
Accounts Receivable | 50,000 |
Inventory | 80,000 |
Equipment, Net | 50,000 |
Land and Building, Net | 120,000 |
Total Assets | $300,000 |
Bonds Payable | 90,000 |
Common stock | 100,000 |
Retained earnings | 110,000 |
Total Liabilities and Stockholders' Equity | $300,000 |
Fair value of acquired net assets: | |
Accounts receivable | $50,000 |
Inventory | 100,000 |
Equipment | 30,000 |
Land and building | 180,000 |
Customer list | 30,000 |
Bonds payable | 100,000 |
In 3–5 pages, complete the following:
- Determine and provide the proper accounting entry to record the subsidiary
on Paul’s books on January 1, 2009 as if Ernie was dissolved. - Determine and provide the proper accounting entry to record the subsidiary
on Ernie’s books on January 1, 2009 as if Ernie was dissolved. - While acquisitions are often friendly, there are numerous occasions when a
party does not want to be acquired. Discuss possible defensive strategies that
firms can implement to fend off a hostile takeover attempt.
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