60000

10000

200000

259800

P1-37 Journal Entries
Journal entries to record acquisition of Light Steel net assets:
Cash
Record finder’s fee and transfer costs.
Record audit fees and stock registration fees.
Cash
Accounts Payable
Bonds Payable
Record merger with Light Steel Company.
Goodwill
Total
a.
Balance in investment account, December 31, 20X7
Cumulative earnings since acquisition
Cumulative dividends since acquisition
Proportion of stock held by True Corporation
Total Amount Debited to Investment Account
Purchase Amount
b.
c.
d.
Merger Expense
(1)
(2)
(3)
Deferred Stock Issue Costs

The fair value of net assets on January 1, 20X5 is
The value assigned to the NCI shareholders on January 1, 20X5 is
Amount assigned to noncontrolling interest in the consolidated balance sheet prepared at December 31, 20X7.
INSTRUCTION: You are to complete the assignment using the following template. You need to fill in whatever is missing in order to complete the assignment. I have included
some
check figures for you in order to help you.
PAGE 18 AND 19 ETC
work backward from 2017 to 2015.