Question: The first two columns of Exhibit 14 12 present information from
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.
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