Power Company acquired all of Soft Corporation's stock on January 1, 2019 for $75,000 cash. On...

 

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Power Company acquired all of Soft Corporation's stock on January 1, 2019 for $75,000 cash. On December 31, 2021, the trial balances of the two companies were as follows: Soft Power dr cr dr cr Cash $ 45,000 $ 29,000 48,500 27,500 Accounts Receivable Land 40,000 22,500 Buildings and Equipment 150,000 100,000 Investment in Soft Corp. 90,000 Cost of Services Provided 70,000 37.500 15,000 10,000 Depreciation Expense Other Expenses Dividends Declared 35,000 17,500 20,000 10,000 Accumulated Depreciation $ 90,000 $50,000 Accounts Payable 21,000 19,000 Taxes Payable 10,000 10,000 Notes Payable 37.500 25,000 Common Stock 50.000 25,000 132,500 45,000 Retained Earnings Service Revenue 150,000 90,000 Income from Subsidiary $513,500 22.500 $513,500 $254,000 $254,000 Soft Corporation reported retained earnings of $37,500 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of five years from the date of acquisition. At December 31, 2021, Soft owed Power $2,000 for services provided Based on the preceding information, what amount will be reported as total assets in the consolidated balance sheet for 2021? Based on the preceding information, what amount will be reported for total accounts payable in the consolidated balance sheet for the year 2021? Based on the preceding information, what amount of total retained earnings will be reported in the consolidated balance sheet for the year 20217 Power Company acquired all of Soft Corporation's stock on January 1, 2019 for $75,000 cash. On December 31, 2021, the trial balances of the two companies were as follows: Soft Power dr cr dr cr Cash $ 45,000 $ 29,000 48,500 27,500 Accounts Receivable Land 40,000 22,500 Buildings and Equipment 150,000 100,000 Investment in Soft Corp. 90,000 Cost of Services Provided 70,000 37.500 15,000 10,000 Depreciation Expense Other Expenses Dividends Declared 35,000 17,500 20,000 10,000 Accumulated Depreciation $ 90,000 $50,000 Accounts Payable 21,000 19,000 Taxes Payable 10,000 10,000 Notes Payable 37.500 25,000 Common Stock 50.000 25,000 132,500 45,000 Retained Earnings Service Revenue 150,000 90,000 Income from Subsidiary $513,500 22.500 $513,500 $254,000 $254,000 Soft Corporation reported retained earnings of $37,500 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of five years from the date of acquisition. At December 31, 2021, Soft owed Power $2,000 for services provided Based on the preceding information, what amount will be reported as total assets in the consolidated balance sheet for 2021? Based on the preceding information, what amount will be reported for total accounts payable in the consolidated balance sheet for the year 2021? Based on the preceding information, what amount of total retained earnings will be reported in the consolidated balance sheet for the year 20217

Answer rating: 100% (QA)

Requirement 1 iIn order to answer the first requirement lets pick out the Assets from the trial balance first Power Soft Cash 45000 29000 Accounts receivable 48500 27500 Land 40000 22500 Buliding and ... View the full answer