Question

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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