Jaynes Inc The Following Figures Came from the Individual Accounting Records of January

question 82

Essay

Jaynes Inc. acquired all of Aaron Co.'s common stock on January 1, 2012, by issuing 11,000 shares of $1 par value common stock. Jaynes' shares had a $17 per share fair value. On that date, Aaron reported a net book value of $120,000. However, its equipment (with a five-year remaining life) was undervalued by $6,000 in the company's accounting records. Any excess of consideration transferred over fair value of assets and liabilities is assigned to an unrecorded patent to be amortized over ten years. The following figures came from the individual accounting records of these two companies as of December 31,2012:
$\begin{array}{lrrr}&\text { Jaynes Inc. }&\text { Aaron Co. } \\\text { Revenues } & {720,000} & \$ 276,000 \\\text { Expenses } & 528,000 & 144,000 \\\text { Investment income } & \text { Not given } & - \\\text { Dividends paid } & 100,000 & 60,000\end{array}$
The following figures came from the individual accounting records of these two companies as of December 31,2013:
$\begin{array}{lcc}&\text { Jaynes Inc. }&\text { Aaron Co. } \\\hline \text { Revenues } & 840,000 & 336,000 \\ \text { Expenses } & 552,000 & 180,000 \\ \text { Investment income } & \text { Not given } & \text { - } \\ \text { Dividends paid } & 110,000 & 50,000 \\ \text { Equipment } & 600,000 & 360,000 \\\text { Retained earnings, } 12 / 31 / 13 \text { balance } & 960,000 & 216,000 \\\end{array}$ What was the total for consolidated patents as of December 31, 2013?

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Geographic Extent

The size or area covered by something, such as a region, nation, or geographic feature.

Lords of the Loom

Lords of the Loom were wealthy textile manufacturers in the northeastern United States during the 19th century, notable for their economic and social influence, particularly in the development of the factory system.

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The various processes involved in the manufacturing of fabric, including spinning, weaving, dyeing, and finishing.

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The total amount of cotton available globally for use in textile manufacturing and other industries.