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21 22 CHAPTER 1 P 1-2 Prepare balance sheet after an acquisition On January 2, 2011, Pet Corporation enters into a business combination with Sea Corporation in which Sea is dissolved. Pet pays $1,650,000 for Sea, the consideration consisting of 66,000 shares of Pet $10 par common stock with a market value of $25 per share. In addition, Pet pays the following expenses in cash at the time of the merger: Finders’ fee Accounting and legal fees Registration and issuance costs of securities $ 70,000 130,000 80,000 $280,000 Balance sheet and fair value information for the two companies on December 31, 2010, immediately before the merger, is as follows (in thousands): Pet Book Value Sea Book Value Sea Fair Value Cash Accounts receivable—net Inventories Land Buildings—net Equipment—net Total assets $ 300 460 1,040 800 2,000 1,000 $5,600 $ 60 100 160 200 400 600 $1,520 $ 60 80 240 300 600 500 $1,780 Accounts payable Note payable Capital stock, $10 par Other paid-in capital Retained earnings Total liabilities and owners’ equity $ 600 1,200 1,600 1,200 1,000 $5,600 $ 80 400 600 100 340 $1,520 $ 80 360 R E Q U I R E D : Prepare a balance sheet for Pet Corporation as of January 2, 2011, immediately after the merger, assuming the merger is treated as an acquisition.
We record identifiable assets acquired, liabilities assumed and any noncontrolling interest using fair values at the acquisition date. We determine fair values for all identifiable assets and liabilities, regardless of whether they are recorded on the books of the acquired company. For example, an acquired company may have expensed the costs of developing patents, blueprints, formulas, and the like.  Assets acquired and liabilities assumed in a business combination that arise from contingencies should be recognized at fair value if fair value can be reasonably estimated.
Use rights such as drilling, water, air, timber cutting, and route authorities # Technology-Based Intangible Assets a. Patented technology # b. Computer software and mask works # c. Unpatented technology * d.  COST AND FAIR VALUE COMPARED After assigning fair values to all identifiable assets acquired and liabilities assumed, we compare the investment cost with the total fair value of identifiable assets less liabilities. If the investment cost exceeds net fair value, we first assign it to identifiable net assets according to their fair values and then assign the excess to goodwill.
Advanced accounting by Floyd A Beams; et al