The Balance Sheets of Palisade Company and Salisbury Corporation Were

question 34

Essay

The balance sheets of Palisade Company and Salisbury Corporation were as follows on December 31,2013:

On January 1,2014 Palisade issued 30,000 of its shares with a market value of $40 per share in exchange for all of Salisbury's shares,and Salisbury was dissolved.Palisade paid $20,000 to register and issue the new common shares.It cost Palisade $50,000 in direct combination costs.Book values equal market values except that Salisbury's land is worth $250,000.
Required:
Prepare a Palisade balance sheet after the business combination on January 1,2014.

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Definitions:

Organisms

Individual living entities that can react to stimuli, reproduce, grow, and maintain homeostasis.

Biological Classification

The systematic organization of living organisms into hierarchical categories based on their physical and genetic characteristics.

Taxa

Taxa are the groups or categories used in the scientific classification of organisms, organized in a hierarchical system from kingdom down to species.

Inclusive

Embracing diversity and ensuring all individuals or elements are considered and integrated into a whole.