Vince Company and Cody Enterprises had the following stockholders' equity figures prior to their business combination:
|
Vince Company |
Code Enterprises |
| Common stock ($1 par value) |
$ 281,700 |
$ 70,500 |
| Additional paid-in capital |
$ 140,900 |
$ 31,300 |
| Retained earnings |
$ 469,500 |
$ 172,200 |
Vince issues 70,000 new shares of its common stock valued at $4 per share for all of the outstanding stock of Cody Enterprises. Assume that Vince acquires Cody. Immediately after the acquisition, what are the consolidated beginning balances in Additional Paid-in Capital and Retained Earnings respectfully?
|
$420,900 and $0
|
|
$350,900 and $0
|
|
$350,900 and $469,500
|
|
$420,900 and $469,500
|
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Syed Yousuf Jamal
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