On April 1, 2012, the Balance Sheets of Optimum Inc

question 57

Essay

On April 1, 2012, the balance sheets of Optimum Inc. and Electra Inc. were as follows: On that date, the fair values of Electra's Assets and Liabilities were as follows: On April 1, 2012, Optimum Inc. decided to purchase all the assets and liabilities of Electra Inc. for $250,000 in cash. a) Calculate the amount of Goodwill arising from this combination. b) Prepare the journal entry to record Optimum's acquisition of Electra's assets. c) Prepare Optimum's Consolidated Balance Sheet immediately following its acquisition of Electra's assets.

Differentiate between passionate and companionate love and their respective characteristics.

Analyze the role of physical attractiveness in social interactions and its perceived importance across genders.

Explain the bystander effect, its causes, and its implications for social responsibility and personal intervention in emergencies.

Understand the key social and political movements of the 1960s and early 1970s.

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Definitions:

Controlling Account

A general ledger account that summarizes the total balances of several subsidiary accounts.

Accounts Payable

Liabilities to suppliers or creditors for items or services purchased on credit.

Merchandise Inventory

The total cost of all the goods owned by a company that are intended for sale, during a particular accounting period.

Permissive Parents

A parenting style characterized by low demands with high responsiveness, where parents are very lenient and often only step in when serious problems arise.