Price Corporation paid $4,200,000 cash for the voting common…

Questions

Price Cоrpоrаtiоn pаid $4,200,000 cаsh for the voting common stock of Shout Corporation on January 2, 2023.        Balance sheet information for the companies immediately before the business combination is summarized below:                                          Price Corp.           Shout Corp.      Shout Corp. (In U.S. $)                            Book Value          Book Value        Fair Value Assets: Cash                                   $20,000,000       $100,000           $100,000 A/R, net                                 1,300,000          400,000             400,000 Notes receivable, net           1,500,000           400,000             400,000 Inventories                            2,500,000           800,000             900,000 Other current assets               700,000            300,000             300,000 Land                                      2,000,000         1,000,000           1,300,000 Buildings, net                        9,000,000         2,000,000          2,100,000 Equipment, net                   10,000,000         1,500,000          1,500,000   Total Assets                       $47,000,000      $6,500,000         $7,000,000   Liabilities            Accounts payable             $  1,000,000       $  300,000          $ 300,000 Mortgage payable              14,000,000         3,200,000          3,300,000   Equity: Common stock                    10,000,000        100,000                        Additional paid-in capital      8,000,000     1,900,000 Retained earnings                14,000,000     1,000,000 Total liabilities and equity  $47,000,000   $6,500,000 Required: Assume that the Price Corporation Chief Financial Officer has decided to apply “Pushdown Accounting” to the investment in Shout Corporation.  Show the journal entries required in the general journal of each of the affiliates on January 2, 2023 to record this acquisition and to carry out the “Pushdown Accounting” treatment.    Price Corporation General Journal:                                 ENTRIES Shout Corporation General Journal                ENTRIES  

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