Telecom Inc Has Decided to Purchase the Shares of Intron

question 38

Essay

Telecom Inc has decided to purchase the shares of Intron Inc. for $300, 000 in Cash on July 1, 2018. On the date, the balance sheets of each of these companies were as follows: $$\begin{array} { | l | l | l | } \hline & \text { Telecom Inc } & \text { Intron Inc } \\\hline & & \\\hline \text { Cash and Short-Term Securities } & \$ 920,000 & \$ 200,000 \\\hline \text { Inuentory } & \$ 150,000 & \$ 20,000 \\\hline \text { Plant and Equipment (net) } & \$ 330,000 & \$ 180,000 \\\hline \text { Total Assets } & \$ 1,400,000 & \$ 400,000 \\\hline & & \\\hline \text { Current Liabilities } & \$ 420,000 & \$ 90,000 \\\hline \text { Bonds Payable } & \$ 700,000 & \$ 200,000 \\\hline \text { Common Shares } & \$ 180,000 & \$ 60,000 \\\hline \text { Retained Earnings } & \$ 100,000 & \$ 50,000 \\\hline \text { Total Labilities and Equiby } & \$ 1,400,000 & \$ 400,000 \\\hline\end{array}$$ On that date, the fair values of Intron's assets and liabilities were as follows:
$$\begin{array} { | l | l | } \hline \text { CashiShort-Term Securities } & \$ 200,000 \\\hline \text { Inventory } & \$ 15,000 \\\hline \text { Plant and Equipment (net) } & \$ 250,000 \\\hline \text { Current Liabilities } & \$ 90,000 \\\hline \text { Bonds Payable } & \$ 210,000 \\\hline\end{array}$$ Required:
Based on the information provided, answer the following:
a) Prepare the journal entry to record the purchases Intron's shares.
b) Prepare the required journal entry prior to the preparation of the Consolidated Financial Statements.

Understand the Cinderella fantasy and its implications in abusive relationships.

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Definitions:

Gain Acceptance

The process of receiving approval, agreement, or endorsement from others, often in the context of ideas, changes, or membership.

Negative Messages

Communications that convey unfavorable, disappointing, or unwanted information.

Accusing Tone

A manner of communication that implies blame or responsibility for a fault or wrongdoing.

Negative Message

Communication that conveys a refusal, rejection, or other unfavorable information in a diplomatic and considerate manner.