Saudi Electronic University Accounting Worksheet

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  • Question 2: X Corp.Acquired 100% of common stock of Y Corp.X Corp. assumed acquisition expenses as follows (amounts in $)

Legal fees 50,000

Accounting fees 30,000

Travel expenses 10,000

Legal fees (stock issue) 20,000

Accounting fees (stock) 15,000

SEC filing fees (stock) 10,000

Prior to the acquisition date, $90,000 have been paid and capitalized to a deferred charges account on the balance sheet. The remaining $45,000 has not been paid or accrued.

Required:

Prepare the journal entry to record the acquisition expenses.

Answer:

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