progressive corporation acquired all of the outstanding stock of static company on j 4373026

Progressive Corporation acquired all of the outstanding stock of Static Company on June 30, 2013, by issuing 200,000 shares of its $1 par value common stock valued at $50 per share. Direct cash costs associated with the acquisition were $45,000, and the cost of registering and issuing the stock was $350,000. Condensed balance sheet data for the two companies immediately prior to the combination are given below. Required a. Prepare the entry Progressive made to record the acquisition on its own books. b. Prepare a schedule calculating the reported goodwill for this acquisition. c. Prepare a working paper to consolidate the balance sheets of Progressive and Static at June 30, 2013. View Solution:
Progressive Corporation acquired all of the outstanding stock of Static

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