Calgary Ltd acquired a subsidiary Ottawa Ltd on July 1
Calgary Ltd. acquired a subsidiary, Ottawa Ltd., on July 1, 20X5, by paying $ 200,000 for 70% of the outstanding shares. The fiscal year- end for both companies is December 31. The statements of financial position of Ottawa Ltd. and Calgary Ltd. are shown below.

Prepare the consolidated SFP as at July 1, 20X5, for Calgary Ltd., under the entity method and the parent- company extension method respectively.

Calgary Ltd.
Statement of Financial Position July
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help