Sep 19, 2017

ACQUISITION COST POTLUCK CORP. ACQUIRED ALL OF THE NET ASSETS OF SAUERS CORP. ON JUNE 30, 2016, IN..

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Acquisition Cost Potluck Corp. acquired all of the net assets of Sauers Corp. on June 30, 2016, in an acquisition reported as a merger. the fair values of Sauers Corp.’s identifiable net assets at the date of acquisition are as follows: Tangible assets $25,000,000 Intangible assets 90,000,000 Liabilities 55,000,000 Potluck pays $100 million in cash and issues 1,500,000 shares of stock to the former owners of Sauers. Potluck’s stock has a par value of $1/share. the market price of the shares at the date of acquisition, $40/share, is used to value the shares issued. registration fees for the stock are $750,000, and legal and consulting fees connected with the acquisition are $900,000, both paid in cash. Required Record the acquisition on June 30, 2016 • Show less


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