On June 10, 20x8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...
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On June 10, 20x8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Series Company Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Playoff Corporation $ 24,000 41,000 100,000 124,000 154,000 87,000 Series Company Book Value Fair Value $ 14,000 $ 14,000 21,000 21,000 31,000 36,000 67,000 $133,000 $158,000 $ 15,000 137,000) 52,000 239,000 $3,000 22,000 19,000 89,000 $3,000 $ 22,000 $ 443,000 $ 133,000 $ 25,000 $ 443,000 Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit On June 10, 20x8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Series Company Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Playoff Corporation $ 24,000 41,000 100,000 124,000 154,000 87,000 Series Company Book Value Fair Value $ 14,000 $ 14,000 21,000 21,000 31,000 36,000 67,000 $133,000 $158,000 $ 15,000 137,000) 52,000 239,000 $3,000 22,000 19,000 89,000 $3,000 $ 22,000 $ 443,000 $ 133,000 $ 25,000 $ 443,000 Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit
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