The financial statements for Campbell, Inc., and Newton Company for the year ended December 31, 2021, prior to the business combination whereby Campbell acquired Newton, are as follows (in thousands): Revenues Expenses Net income Retained earnings. 1/1 Net income Dividends Retained earning, 12/31 Cash Receivables and inventory Buildings (net) Equipment (net). Total assets. Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities & stockholders' equity Campbell Newton: $ 700 $2,600 1, 880 400 $ 720 $ 300 $ 500 300 0 $2,400 720 (270) $2,850 $ $ 240 $ 1, 200 2,700 2,100 $6,240 800 230 360 650 1,300. $2,540 $1,500 $ 1,080 810 2,850 $6,240 720 400 620 800 $2,540 On December 31, 2021, Campbell obtained a loan for $650 and used the proceeds, along with the transfer of 35 shares of its $10 par value common stock, in exchange for all of Newton's common stock. At the time of the transaction, Campbell's common stock had a fair value of $40 per share.

The financial statements for Campbell, Inc., and Newton Company for the year ended December 31, 2021, prior to the business combination whereby Campbell acquired Newton, are as follows (in thousands): Revenues Expenses Net income Retained earnings. 1/1 Net income Dividends Retained earning, 12/31 Cash Receivables and inventory Buildings (net) Equipment (net). Total assets. Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities & stockholders' equity Campbell Newton: $ 700 $2,600 1, 880 400 $ 720 $ 300 $ 500 300 0 $2,400 720 (270) $2,850 $ $ 240 $ 1, 200 2,700 2,100 $6,240 800 230 360 650 1,300. $2,540 $1,500 $ 1,080 810 2,850 $6,240 720 400 620 800 $2,540 On December 31, 2021, Campbell obtained a loan for $650 and used the proceeds, along with the transfer of 35 shares of its $10 par value common stock, in exchange for all of Newton's common stock. At the time of the transaction, Campbell's common stock had a fair value of $40 per share.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 17E: Income Statement and Retained Earnings Huff Company presents the following items derived from its...

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