Question
95.The December 31, 2017 condensed balance sheet of Bee Services, a proprietorship, follows: Current assets...............................$140,000 Property,...
95.The December 31, 2017 condensed balance sheet of Bee Services, a proprietorship, follows:
Current assets...............................$140,000
Property, plant and equipment (net)..............130,000
$270,000
Liabilities....................................$70,000
Betty Bee, Capital............................200,000
$270,000
Fair values at December 31, 2017, are as follows:
Current assets...............................$160,000
Equipment..................................210,000
Liabilities....................................70,000
On January 1, 2018, Bee Services was incorporated as Bee-Line Ltd., with 10,000 no par value common shares issued. How much should be credited to Common Shares?
a) $370,000
b) $300,000
c) $270,000
d) $200,000
96. On July 1, 2017, CeeCorp. issued 1,000 of its no par common shares and 2,000 of its no par preferred shares for a lump sum of $100,000. At this date Cee's common shares wereselling for $48 per share and thepreferred shares for $36 per share. Using the relative fair value method, the amount of the proceeds allocated to the preferred shares account should be
a) $50,000.
b) $55,000.
c) $60,000.
d) $72,000.
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