Pork Corporation acquired all the voting shares of Swine Enterprises on January 1, 20X4. Balance sheet...
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Pork Corporation acquired all the voting shares of Swine Enterprises on January 1, 20X4. Balance sheet amounts for the companies on the date of acquisition were as follows: Pork Swine Corporation $ 40,000 95,000 ৪০, 000 Enterprises $ 20,000 Cash & Receivables Inventory 40,000 90,000 230,000 Land Buildings & Equipment 400,000 290,000 in Swine Enterprises Investment Total Debits $ 905,000 $ 380,000 $ 175,000 Accumulated Depreciation Accounts Payable Notes Payable $ 65,000 15,000 50,000 100,000 60,000 100,000 300,000 Common Stock 150,000 $ 380,000 Retained Earnings 270,000 Total Credits $ 905,000 Swine Enterprises' buildings and equipment were estimated to have a market value of $175,000 on January 1, 20X4. All other items appeared to have market values approximating current book values. (Assume the company prepares the optional Accumulated Depreciation Elimination Entry.) Required: a. Complete the consolidated balance sheet worksheet for January 1, 20X4. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PORK CORPORATION AND SUBSIDIARY Consolidated Balance Sheet Worksheet January 1, 20X4 Consolidation Entries Swine Pork Corp. DR CR Consolidated Enterprises Assets Cash & receivables Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Swine Enterprises Goodwill Total Assets $ $ 0 $ 이 $ 이 $ Liabilities & Stockholders' Equity Accounts payable Notes payable Common stock Retained earnings Total Liabilities & Equity $ $ 0 $ 0 $ 0 $ 0. b. Complete the Balance Sheet. (Amounts to be deducted should be indicated by a minus sign.) PORK CORPORATION AND SUBSIDIARY Consolidated Balance Sheet January 1, 20X4 Assets Cash & receivables Inventory Land Buildings & equipment Less: Accumulated depreciation Goodwill Total Assets $ Liabilities & Stockholders' Equity Accounts payable Notes payable Common stock Retained earnings Total Liabilities & Stockholders' Equity $ Pork Corporation acquired all the voting shares of Swine Enterprises on January 1, 20X4. Balance sheet amounts for the companies on the date of acquisition were as follows: Pork Swine Corporation $ 40,000 95,000 ৪০, 000 Enterprises $ 20,000 Cash & Receivables Inventory 40,000 90,000 230,000 Land Buildings & Equipment 400,000 290,000 in Swine Enterprises Investment Total Debits $ 905,000 $ 380,000 $ 175,000 Accumulated Depreciation Accounts Payable Notes Payable $ 65,000 15,000 50,000 100,000 60,000 100,000 300,000 Common Stock 150,000 $ 380,000 Retained Earnings 270,000 Total Credits $ 905,000 Swine Enterprises' buildings and equipment were estimated to have a market value of $175,000 on January 1, 20X4. All other items appeared to have market values approximating current book values. (Assume the company prepares the optional Accumulated Depreciation Elimination Entry.) Required: a. Complete the consolidated balance sheet worksheet for January 1, 20X4. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PORK CORPORATION AND SUBSIDIARY Consolidated Balance Sheet Worksheet January 1, 20X4 Consolidation Entries Swine Pork Corp. DR CR Consolidated Enterprises Assets Cash & receivables Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Swine Enterprises Goodwill Total Assets $ $ 0 $ 이 $ 이 $ Liabilities & Stockholders' Equity Accounts payable Notes payable Common stock Retained earnings Total Liabilities & Equity $ $ 0 $ 0 $ 0 $ 0. b. Complete the Balance Sheet. (Amounts to be deducted should be indicated by a minus sign.) PORK CORPORATION AND SUBSIDIARY Consolidated Balance Sheet January 1, 20X4 Assets Cash & receivables Inventory Land Buildings & equipment Less: Accumulated depreciation Goodwill Total Assets $ Liabilities & Stockholders' Equity Accounts payable Notes payable Common stock Retained earnings Total Liabilities & Stockholders' Equity $
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PORK CORPORATION AND SUBSIDIARY Consolidated Balance Sheet Worksheet January 1 20X4 Consolidation En... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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