Question: Part A: Two entities had the following balance sheet accounts as of December 31, 20X1 (in millions): A B A B Cash + other assets
Part A: Two entities had the following balance sheet accounts as of December 31, 20X1 (in millions): A B A B Cash + other assets $900 $360 $250 Liabilitis Stockholders' equity $60 $300 $650 On December 31, 20X1, Company A purchased all the shares of B for $300 million. The book and fair value of all assets and liabilities are the same. For 20x2, Company B's revenues and expenses were $190 and $120 million, respectively, and Company A's revenues and expenses on its other operations (that is, excluding B) ere $290 and $180 million, respectively. 1. Prepare a consolidated balance sheet immediately after the acquisition. (Use balance sheet equation format.) 2. What is the net income of the consolidated entity for 20X27 Assume zero taxes
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