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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