Pam and Sun Corporations' balance sheets at December 31, 2015, are summarized as follows (in thousands): Pam
Question:
Pam acquired 80 percent of the voting stock of Sun on January 2, 2016, at a cost of $640,000. The fair values of Sun's net assets were equal to book values on January 2, 2016.
During 2016, Pam reported earnings of $220,000, including income from Sun of $64,000, and paid dividends of $100,000. Sun's earnings for 2016 were $80,000, and its dividends were $60,000.
Required:
Prepare the stockholders' equity section of the December 31, 2016, consolidated balance sheet for Pam Corporation and Subsidiary?
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...
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Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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