Belchfi re Motors€™ accountant was called away after completing only half of the consolidated statements at the end of 20X4. The data left behind included the following:

Required
a. Belchfire Motors acquired shares of Premium Body Shop at underlying book value on January 1, 20X1. What portion of the ownership of Premium Body Shop does Belchfire apparently hold?
b. Compute the consolidated totals for each of the remaining balance sheetitems.

Transcribed Image Text:

Belchfire Premium Item Motors Body Shop Consolidated Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Premium Body Shop Total Debits S 40,000 20,000 30,000 0,000 290,000 180,000 220,000 300,000 150,000 $ 60,000 200,000 270,000 590,000 $890,000 $390,000 $1.120.000 Accounts Payable Bonds Payable Common Stock Retained Earnings Total Credits 30,000 40,000 400,000 200,000 260,000 890,000 $390,000 200,000 100,000 50,000