n the December 31, year 1 consolidated balance sheet, common stock should be reported at
On December 31, year 1, Saxe Corporation was acquired by Poe Corporation. In the business combination, Poe issued 200,000 shares of its $10 par common stock, with a market price of $18 a share, for all of Saxe’s common stock. The
Accounts Poe Saxe
Common stock $3,000,000 $1,500,000
Additional paidin capital 1,300,000 150,000
Total $6,800,000 $2,500,000
In the December 31, year 1 consolidated balance sheet, common stock should be reported at
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