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(Answered) UNIT 4 POST PROBLEM 1 On December 31, 200X P Corporation


UNIT 4 POST PROBLEM 1

 

 

On December 31, 200X P Corporation
More Details:

UNIT 4 POST PROBLEM 1,

 

,

 

On December 31, 200X P Corporation paid $300,000 cash for 80% of the ,

 

common stock of S Company which becomes a subsidiary. Following ,

 

information is shown prior to the acquisition being recorded:,

 

,

 

P Company ,

 

Assets Liabilities and Equity,

 

Cash 580,000 Liabilities 90,000 ,

 

Inventories 60,000 ,

 

Plant 340,000 Common Stock, $5pv 100,000 ,

 

Paid in Capital 200,000 ,

 

Retained Earnings 590,000 ,

 

Total 980,000 Total 980,000 ,

 

,

 

,

 

S Company,

 

Assets Liabilities and Equity,

 

Inventories 20,000 Liabilities 30,000 ,

 

Other assets 40,000 Long Term Debt 50,000 ,

 

Plant 140,000 Common Stock, $10pv 40,000 ,

 

Paid in Capital 20,000 ,

 

Retained Earnings 60,000 ,

 

Total 200,000 Total 200,000 ,

 

,

 

,

 

S market values are: ,

 

Plant $250,000 ,

 

Inventory $50,000 ,

 

,

 

1. Prepare the entries in journal format to record the acquisition ,

 

and post to the general edger accounts. ,

 

2. Prepare a consolidation workpaper. ,

 

3. Prepare consolidated balance sheet. ,

 


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