Homework Help: Accounting Multiple choice

Posted by David on Thursday, April 3, 2008 at 1:55am.

ACON lTD ACQUIRES THE ASSETS AND ASSUMES THE LIABILITIES OF BIRD LTD WHICH HAVE OPEN MARKET VALUES OF A
Assets $120,000 Liabilities $15,000

Acorn is to issue a debenture of $50,000 and 10,000 $1 Ordinary shares for the balance of consideration.

What will be the credit to the share
premium account in the books of Accorn LTD.
A$45000 B $55000 C $60000 D $95000

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