Jim Company acquired a 100% of the common stock of John Company on January 1, 2024....

   

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Jim Company acquired a 100% of the common stock of John Company on January 1, 2024. John Company maintains separate incorporation. Immediately following the acquisition, Jim and John had the following shareholders' equity accounts: Common stock Additional Paid-in Capital Jim John 300,000 200,000 200,000 250,000 Retained Earnings (1/1/2024) 300,000 150,000 Total SE 800,000 600,000 Determine the shareholder equity accounts of the consolidated company based on the consolidated worksheet prepared on the date of acquisition? Please, explain your answer. Jim Company acquired a 100% of the common stock of John Company on January 1, 2024. John Company maintains separate incorporation. Immediately following the acquisition, Jim and John had the following shareholders' equity accounts: Common stock Additional Paid-in Capital Jim John 300,000 200,000 200,000 250,000 Retained Earnings (1/1/2024) 300,000 150,000 Total SE 800,000 600,000 Determine the shareholder equity accounts of the consolidated company based on the consolidated worksheet prepared on the date of acquisition? Please, explain your answer.

Answer rating: 100% (QA)

Consolidated Shareholder Equity Accounts When Jim Company acquires 100 of John Company we prepare co... View the full answer