Question: Gold Enterprises acquired 100 percent of Premium Builders stock on

Gold Enterprises acquired 100 percent of Premium Builders’ stock on December 31, 20X4. Balance sheet data for Gold and Premium on January 1, 20X5, are as follows:



At the date of the business combination, Premium’s cash and receivables had a fair value of $28,000, inventory had a fair value of $357,000, and buildings and equipment had a fair value of $92,000.

Required
a. Give all elimination entries needed to prepare a consolidated balance sheet on January 1, 20X5.
b. Complete a consolidated balance sheet worksheet.
c. Prepare a consolidated balance sheet in goodform.


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  • CreatedMay 23, 2014
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