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PROBLEM 2: GAGA AND BIEBER COMPANIES HAVE THE FOLLOWING BALANCE
SHEETS ON JANUARY 1, 2016
ON JANUARY 2ND GAGA ACQUIRED 80% OF THE OUTSTANDING STOCK OF BIEBER
COMPANY FROM BIEBER?S STOCKHOLDERS BY ISSUING 500,000 SHARES OF GAGA
STOCK WHEN GAGA HAD A MARKET VALUE OF $5 PER SHARE. ON JANUARY 2ND
THE FAIR MARKET VALUE OF BIEBER?S EQUIPMENT WAS $1,100,000 AND THE FAIR
MARKET VALUE OF BIEBER?S LAND WAS $50,000. BIEBER WILL CONTINUE TO
EXIST AFTER THIS ACQUISITION.
A) MAKE THE JOURNAL ENTRY GAGA MAKES WHEN IT ACQUIRES 80% OF THE
STOCK OF BIEBER BY ISSUING ITS 500,000 SHARES
B) MAKE THE JOURNAL ENTRY BIEBER MAKES WHEN ITS STOCKHOLDERS SELL
80% OF THEIR STOCK TO GAGA FOR GAGA STOCK
C) PREPARE A CONSOLIDATED BALANCE SHEET ON JANUARY 3RD
D) PREPARE ANY NECESSARY WORKSHEET ENTRIES NEEDED TO CONSTRUCT
THE CONSOLIDATED BALANCE SHEET
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