Fine Co Issued Its Common Stock in Exchange for the Common

question 116

Essay

Fine Co. issued its common stock in exchange for the common stock of Dandy Corp. in an acquisition. At the date of the combination, Fine had land with a book value of $480,000 and a fair value of $620,000. Dandy had land with a book value of $170,000 and a fair value of $190,000.Required:What was the consolidated balance for Land in a consolidated balance sheet prepared at the date of the acquisition combination?

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Definitions:

Net Operating Income

The profit derived from a company's operations after subtracting all operating expenses, excluding taxes and interest.

Sales Volumes

The quantity of products or services sold by a company within a specific time period.

Contribution Format

A financial statement format that separates fixed and variable costs to highlight the contribution margin.

Net Operating Income

This is the profit a business generates from its operations, excluding non-operating income and expenses, taxes, and interest.