The financial statements for Goodwin, Inc., and Corr Company for the year ended December 31, 20X1, prior to Goodwin's acquisition business combination transaction regarding Corr, follow (in thousands) :
On December 31, 20X1, Goodwin issued $600 in debt and 30 shares of its $10 par value common stock to the owners of Corr to acquire all of the outstanding shares of that company. Goodwin shares had a fair value of $40 per share.
Goodwin paid $25 to a broker for arranging the transaction. Goodwin paid $35 in stock issuance costs. Corr's equipment was actually worth $1,400 but its buildings were only valued at $560.
Compute the consolidated liabilities at December 31, 20X1.
Definitions:
Direct Labor Costs
The wages of employees who are directly involved in the production of goods or services.
Debit Balance
An accounting term describing a balance where total debits exceed total credits in an account.
Direct Labor Costs
The wages and benefits paid to employees who are directly involved in the production of a company's goods or services.
Overapplied Overhead
A situation where the allocated manufacturing overhead costs exceed the actual overhead expenses incurred.
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