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On January 1,2024, the Moody Company entered into a transaction for 100% of the outstanding...

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Accounting

On January 1,2024, the Moody Company entered into a transaction for 100% of the outstanding common stock of Osorio Company. To acquire these shares, Moody issued $400 in longterm liabilities and also issued 40 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Moody paid $20 to lawyers, accountants, and brokers for assistance in bringing about this acquisition. Another $15 was paid in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows:
\table[[Cash,Moody,Osorio],[Receivables,$180,$40
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