The first two columns of Exhibit 14.12 present information from the accounting records of Ely Company and Sims Company at the end of the current year. Ely Company acquired 100% of the common stock of Sims Company on January 1 of the current year for $70,000 cash. On this date, the balance in the Retained Earnings account of Sims Company was $42,000. Any excess purchase price relates to goodwill. Ely Company has not recorded a goodwill impairment. The receivables of Ely Company and the liabilities of Sims Company contain an advance from Ely Company to Sims Company of $7,500. Enter the appropriate amounts in the Consolidated column for a consolidated balance sheet of Ely Company and Sims Company on December 31 of the currentyear.

  • CreatedMarch 04, 2014
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