On January 2nd 2016 GAGA purchased all of

Subject: Business    / Accounting

GAGA    BIEBER
CASH    500000    15000
ACCOUNTS RECEIVABLE    400000    3000
LAND    500000    80000
EQUIPMENT    400000    45000
A/D EQUIPMENT    10000    5000
TOTAL ASSETS    1790000    138000
ACCOUNTS PAYABLE    300,000    40,000
COMMON STOCK 10 PAR    400000    30000
ADDITIONAL PAID IN CAPITAL    300000    30000
RETAINED EARNINGS    790,000    38,000

On January 2nd 2016 GAGA purchased all of the outstanding shares of BIEBER BY ISSUING 1000 SHARES OF ITS STOCK WHICH HAS A $60 MARKET PRICE PER SHARE At this time BIEBER’S LAND WAS WORTH $55000 AND ITS EQUIPMENT WITH A 5 YEAR LIFE WAS WORTH $10,000. IN ADDITION, BIEBER HAD A CUSTOMER LIST WITH A 10 YEAR LIFE WORTH $19000 ANY EXCESS IS ATTRIBUTABLE TO GOODWILL. GAGA HAS DECIDED THAT BIEBER WILL CONTINUE TO EXIST.

Required:

A) MAKE THE JOURNAL ENTRY GAGA MAKES WHEN IT ISSUES ITS SHARES TO ACQUIRE BIEBER

B) MAKE THE JOURNAL ENTRY BIEBER MAKES WHEN ITS OWNERS EXCHANGE THEIR BIEBER SHARES FOR GAGA SHARES

C) PREPARE A CONSOLIDATED BALANCE SHEET ON JANUARY 3RD

D) MAKE ANY NECESSARY WORKSHEET ENTRIES NEEDED TO PREPARE THE BALANCE SHEET

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