Pas and Sal Corporations' balance sheets at December 31, 2010, are summarized as follows (in thousands): Pas

Question:

Pas and Sal Corporations' balance sheets at December 31, 2010, are summarized as follows (in thousands):

Pas acquired 80 percent of the voting stock of Sal on January 2, 2011, at a cost of $320,000. The fair values of Sal's net assets were equal to book values on January 2, 2011. During 2011, Pas reported earnings of $110,000, including income from Sal of $32,000, and paid dividends of $50,000. Sal's earnings for 2011 were $40,000 and its dividends were $30,000.REQUIRED: Prepare the stockholders' equity section of the December 31, 2011, consolidated balance sheet for Pas Corporation andSubsidiary.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...