The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just...
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Accounting
The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows:
Walla | Au Inc. | |||
Current assets | $ | 295,000 | $ | 205,000 |
Land | 615,000 | 465,000 | ||
Other tangible assets | 515,000 | 285,000 | ||
Liabilities | 415,000 | 325,000 | ||
Common shares | 215,000 | 65,000 | ||
Retained earnings, 1/1/Year 4 | 615,000 | 255,000 | ||
Revenues | 815,000 | 655,000 | ||
Expenses | 635,000 | 345,000 | ||
On December 31, Year 4, Walla purchased all of the outstanding shares of Au Inc. by issuing 27,000 common shares with a market value of $30 per share. The carrying amounts of Au Inc.s assets and liabilities were equal to fair value except for the following:
Fair Value | |||
Land | $ | 515,000 | |
Other tangible assets | 330,000 | ||
Liabilities | 345,000 | ||
Required:
What are the balances for the land, other tangible assets, goodwill, investment in common shares, liabilities, common shares, and revenues after the transaction noted above on:
(a) Wallas separate entity financial statements
(b) Au Inc.s separate entity financial statements
(c) Wallas consolidated financial statements
(a) Walla separate | (b) Au separate | (c) Walla consolidated | |
Land | $ | $ | $ |
Other tangible assets | |||
Goodwill | |||
Investment in common shares | |||
Liabilities | |||
Common shares | |||
Revenues | |||
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