Question: Problem 1-7 Your answer is partially correct. Try again. Price Company purchased 90% o the outstanding common stock o Score Company on January 1, 2011,




Problem 1-7 Your answer is partially correct. Try again. Price Company purchased 90% o the outstanding common stock o Score Company on January 1, 2011, or $446,220. At that time, Score Company had stockholders' equity consisting o common stock $199,200; other contributed capital, $161,000; and retained earnings, $89,200. On December 31, 2015, trial balances for Price Company and Score Company were as follows Cash Accounts Receivable Note Receivable $108,800 $76,900 167,300 92,200 74,200 307,000 446,220 159,400 t in Score Company Plant and Equipment Land Dividends Declared Cost of Goods Sold Other Expenses 956,600 417,900 69,000 50,100 813,700 238,100 122,400 $3,355,520 $1,226,000 159,400 70,700 251,600 Total Debits Accounts Payable Notes Payable Common Stock Other Contributed Capital Retained Earnings, 1/1 Sales Dividend and Interest Income $130,900 $46,600 121,100 495,300 199,200 264,700 161,000 683,700 213,200 1,423,410 484,900 305,000 52,510 Total Credits $3,355,520 $1,226,000 Price Company's note receivable is receivable trom Score Company. Interest of $7,420 was paid by Score to Price during 2015. Any difference between book value and the value implied by the purchase price relates to goodwill Prepare a consolidated statements workpaper on December 31, 2015. (List items that increase retained earnings first.)
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