On December 31, 20X4, Leroy issued 52,000 new shares of its $13 par value stock in exchange for all the outstanding shares of Manser. Leroy’s shares had a fair value on that date of $39 per share. Leroy paid $35,000 to an investment bank for assisting in the arrangements. Leroy also paid $20,000 in stock issuance costs to effect the acquisition of Manser. Manser will retain its incorporation.Required:(1) Prepare the journal entry to record the issuance of common stock by Leroy.(2) Prepare the journal entry to record the payment of combination costs.(3) Determine consolidated net income for the year ended December 31, 20X4.(4) Determine consolidated additional paid-in capital at December 31, 20X4. (Points : 10)
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more