Question

Leftwich recently purchased all of Kew Corporation’s stock and is now consolidating the financial data of this new subsidiary. Leftwich paid a total of $650,000 for the company, which has the following accounts:


Assume that the effective tax rate is 30 percent. On a consolidated balance sheet prepared immediately after this takeover, what impact does the acquisition of Kew have on the individual asset and liability accounts reported by the businesscombination?


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  • CreatedOctober 04, 2014
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