The following information about Lewis Company on January 1, 2016, is available prior to its...
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The following information about Lewis Company on January 1, 2016, is available prior to its statutory merger with Moore Corporation: Book Value Fair Value Land 30,000 35,000 Equipment 70,000 92,000 Total 100,000 127,000 Accounts Payable 8,000 8,000 Common Stock 40,000 Add. paid-in Capital 17,000 Retained Earnings 35,000 Total 100,000 On January 1, 2016, Moore issued 8,000 of its $3 par (current fair value $45) common stock for all the outstanding common stock of Lewis, which was then dissolved. Also on January 1, 2016, Moore paid $4,300 legal fees and $2,500 for issuing the common stock to effect the combination Prepare the journal entries on January 1, 2016, for Moore Corporation to record the business combination Lewis Company
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