The Financial Statement Amounts for the Atwood Company and the Franz

question 24

Multiple Choice

The financial statement amounts for the Atwood Company and the Franz Company as of December 31, 2021, are presented below. Also included are the fair values for Franz Company's net assets (all numbers are in thousands) . Note: Parenthesis indicate a credit balanceAssume an acquisition business combination took place at December 31, 2021. Atwood issued 50 shares of its common stock with a fair value of $35 per share for all of the outstanding common shares of Franz. Stock issuance costs of $15 (in thousands) and direct costs of $10 (in thousands) were paid.Compute consolidated retained earnings at the date of the acquisition.

• A) $1,160.
• B) $1,170.
• C) $1,280.
• D) $1,290.
• E) $1,640.

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