On January 1, 2011, Lennon Company acquires 100% of Ono Ltd, for $220,000 in cash. The condensed

Question:

On January 1, 2011, Lennon Company acquires 100% of Ono Ltd, for $220,000 in cash. The condensed statements of financial position of the two companies immediately following the acquisition are as follows.

Instructions
Prepare a worksheet for a consolidated statement of financialposition.

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Financial accounting

ISBN: 978-1118285909

IFRS Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

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Question Posted: Mar 11, 2013 06:26 AM

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On January 1, 2011, Lennon Company acquires 100% of Ono Ltd, for $220,000 in cash. The condensed

Question:

Lennon Company $300.000 220,000 60,000 $580,000 Ono Ltd $220.000 Plant and equipment (net) Investment in Ono Ltd. ordinary shares Current assets 50,000 $270,000 Share capital ordinary Retained earnings Current liabilities $230.000 170,000 180.000 S580,000 80.000 140,000 50,000 $270,000

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LENNON COMPANY AND SUBSIDIARY WorksheetConsolidated Stateme...View the full answer

Financial accounting

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