Keen Inc. and Lax Inc. had the following balance sheets on October 31, 2019:
Cash Accounts Receivable Inventory Plant and Equipment (net) Trademark Total Assets Accounts Payable Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Keen Inc (carrying value) $300,000$60,000$30,000$310,000$700,000$150,000$400,000$100,000$50,000$700,000 Lax Inc (carrying value) $80,000$24,000$54,000$280,000$12,000$450,000$200,000$120,000$60,000$70,000$450,000 Lax Inc (fair value) $80,000$24,000$50,000$300,000$16,000$200,000$100,000 Assuming that Keen Inc. purchases 100% of Lax Inc. for cash of $200,000 on November 1, 2019, prepare the consolidated balance sheet on the date of acquisition under the Fair Value Enterprise Method.
Learn how to use and manage RSS feeds in Outlook.
Understand the advanced features of Outlook like search tools and voting buttons.
Recognize the importance of setting up and customizing an email account in Outlook properly.
Learn how to effectively manage email messages using features like blocking unwanted emails and changing default settings.
Definitions:
Sets Aside
To put something away or to reserve it for a specific purpose or later use.
Acknowledgment Response
A reply or answer given in recognition of receiving something, often used in communication settings to confirm the receipt of a message.
Universally Understood
Refers to concepts, symbols, or messages that are recognized and interpreted the same way by people across different cultures or backgrounds.
Paraphrasing
the action of expressing the meaning of something written or spoken using different words, especially to achieve greater clarity.