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In addition, Pan pays $60,000 for registering and issuing the 36,000 shares and $140,000 for the other direct costs of the business combination, in which Sis Corporation is dissolved. Summary balance sheet information for the companies immediately before the merger is as follows (in thousands): Pan Book Value Sis Book Value Sis Fair Value Cash Inventories Other current assets Plant assets—net Total assets $700 240 60 520 $1,520 $ 80 160 40 360 $640 $ 80 200 40 560 $880 Current liabilities Other liabilities Common stock, $10 par Retained earnings Total liabilities and owners’ equity $320 160 840 200 $1,520 $ 60 100 400 80 $640 $ 60 80 R E Q U I R E D : Prepare all journal entries on Pan’s books to account for the acquisition.
T HE SARBANE S -OXL EY ACT You have likely heard about Sarbanes-Oxley and are wondering why we haven’t mentioned it yet. The financial collapse of Enron Corporation and WorldCom (among others) and the demise of public accounting firm Arthur Andersen and Company spurred Congress to initiate legislation intended to prevent future financial reporting and auditing abuse. The result was the Sarbanes-Oxley Act of 2002 (SOX). For the most part, the rules focus on corporate governance, auditing, and internal-control issues, rather than the details of financial reporting and statement presentation that are the topic of this text.
Such combinations are acquisitions when one corporation acquires the productive assets of another business entity and integrates those assets into its own operations. Business combinations are also acquisitions when one corporation obtains operating control over the productive facilities of another entity by acquiring a majority of its outstanding voting stock. The acquired company need not be dissolved; that is, the acquired company does not have to go out of existence. The terms merger and consolidation are often used as synonyms for acquisitions.