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EXERCISE 3-4 Purchase, Date of AcquisitionOn January 1, 2010, Peach Company issued 1,500 of its $20 par value common shares with afair value of $60 per share in exchange for the 2,000 outstanding common shares of SwartzCompany in a purchase transaction. Registration costs amounted to $1,700, paid in cash. Justprior to the acquisition, the balance sheets of the two companies were as follows:Peach Company Swartz CompanyCash $ 73,000 $ 13,000Accounts receivable (net) 95,000 19,000Inventory 58,000 25,000Plant and equipment (net) 95,000 43,000Land 26,000 22,000Total assets $347,000 $122,000Accounts payable $ 66,000 $ 18,000Notes payable 82,000 21,000Common stock, $20 par value 100,000 40,000Other contributed capital 60,000 24,000Retained earnings 39,000 19,000Total equities $347,000 $122,000Any difference between the book value of equity and the value implied by the purchase pricerelates to goodwill.A. Prepare the journal entry on Peach CompanyÃ¢â‚¬â„¢s books to record the exchange of stock.B. Prepare a Computation and Allocation Schedule for the difference between book valueand value implied by the purchase price.C. Prepare a consolidated balance sheet at the date of acquisition.”
Question:EXERCISE 3-4 Purchase, Date of AcquisitionOn January 1, 2010, Peach Company issued 1,500 of its $20 par value common shares with afair value of $60 per share in exchange for the 2,000…
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