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    Jernigan Corp. Consolidations: Allocation & Goodwill

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    Jernigan Corp. had the following account balances at 12/1/10:
    Receivable $96,000
    Inventory 240,000
    Land 720,000
    Building 600,000
    Liabilities 480,000
    Common stock 120,000
    Additional paid-in capital 120,000
    Retained earnings, 12/1/10 840,000
    Revenues 360,000
    Expenses 264,000

    Several of Jernigan's accounts have fair values that differ from book value. The fair values are:
    Land $480,000, Building $720,000, Inventory $336,000, and Liabilities $396,000.
    Inglewood Inc acquired all of the outstanding common stock shares of Jerningan by using 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000. Prepare a fair value allocation and goodwill schedule at the date of the acquisition.

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