Question: Teresa Corporation acquired all the voting shares of Sally Enterprises

Teresa Corporation acquired all the voting shares of Sally Enterprises on January 1, 20X4. Balance sheet amounts for the companies on the date of acquisition were as follows:


Sally Enterprises’ buildings and equipment were estimated to have a market value of $175,000 on January 1, 20X4. All other items appeared to have market values approximating current book values.

Required
a. Complete a consolidated balance sheet worksheet for January 1, 20X4.
b. Prepare a consolidated balance sheet in goodform.
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  • CreatedMay 23, 2014
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