Question

On January 1, Year 5, Black Corp. purchased 90% of the common shares of Whyte Inc. On this date, the following differences were observed with regard to specific net assets of Whyte:
Fair value – carrying amount differences
Land .................. +50,000
Buildings (net) ............... +20,000
Equipment (net) ............. -10,000
Notes payable .............. +5,000
The non-consolidated and consolidated balance sheets of Black Corp. on January 1, Year 5, are presented below. Whyte’s retained earnings were $140,000 on this date.
Required:
Prepare the January 1, Year 5, balance sheet of Whyte Inc.


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  • CreatedJune 08, 2015
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