Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmin Corporation,on December 31,2011.Any excess fair value over the identified assets and liabilities is attributed to goodwill.The following year-end information was available just before the purchase:
Using the data provided above,assume that Pool decided rather than paying $540,000 cash,Pool issued 10,000 shares of their own stock to the owners of Swimmin.At the time of issue,the $10 par value stock had a market value of $60 per share.
Required: Prepare Pool's consolidated balance sheet on December 31,2011.
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