The Stockholders' Equities of Penn Corporation and Simon Corporation Were

question 3

Essay

The stockholders' equities of Penn Corporation and Simon Corporation were as follows on January 1, 2016:

On January 2, 2016 Penn Corp. issued 100,000 of its shares with a market value of $14 per share in exchange for all of Simon's shares, and Simon Corp. was dissolved. Penn Corp. paid $10,000 to register and issue the new common shares.
Required:
Prepare the stockholders' equity section of Penn Corp. balance sheet after the business combination on January 2, 2016.

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Definitions:

Franchisee

An individual or entity that purchases the right to operate a business under the franchisor's brand name and business model.

Franchisor

A business entity that grants the right to an individual or group to carry out commercial activities using its brand and model.

Potential Liability

The possibility of incurring legal obligations or debts in the future as a result of current actions, decisions, or circumstances.

Degree of Control

The extent of influence or authority an entity has over its operations, processes, or decisions.