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Book/movie review
22/08/2022
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.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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