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Acadia Corporation created Skinny Company as a wholly owned subsidiary by transferring assets and accounts payable to Skinny in exchange for its common stock. Skinny recorded the following entry when it received the assets and accounts payable:
Accounts Receivable 20,000
Accumulated Depreciation- Buidlings31,000
Accumulated Depreciation – Equipment15,000
Additional Paid in Capital77,0000
What was Acadiaâ€™s book value of the total assets (not net assets) transferred to Skinny Company?
What amount did Acadia report as its investment in Skinny after the transfer?
What number of shares of $10 par value stock did Skinny issue to Acadia?
What impact did the transfer of assets and accounts payable have on the amount reported by Acadia as total assets?
What impact did the transfer of assets and accounts payable have on the amount that Acadia and the consolid
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