Purchase with a gain. Libra Company is purchasing 100% of the outstanding stock of Genall Company for $700,000. Genall has the following balance sheet on the date of acquisition: 11eb5b63_563f_e59c_bcf8_f10ca5a87bd9_SM1534_00 1. Prepare the value analysis schedule and the determination and distribution of excess schedule. 2. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of purchase.

Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Edition 11ISBN: 978-0538480284

Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Edition 11ISBN: 978-0538480284

Exercise 19

Purchase with a gain. Libra Company is purchasing 100% of the outstanding stock of Genall Company for $700,000. Genall has the following balance sheet on the date of acquisition:

1. Prepare the value analysis schedule and the determination and distribution of excess schedule.
2. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of purchase.

Explanation

Verified

1)Prepare value analysis schedule:
The ...