Winston Company purchased all of Marcus Company's common stock for $900,000 cash on January 1, at...

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Winston Company purchased all of Marcus Company's common stock for $900,000 cash on January 1, at which time the separate balance sheets of the two corporations appeared as follows. Investment in Marcus Other assets Goodwill Total assets $4,350,000 $1,050,000 Liabilities $1,350,000 $240,000 Contributed capital 2,100,000 450,000 Retained earnings 900,000 360,000 Total liabilities and equity $4,350,000 $1,050,000 Winston Marcus Consolidating Company Company Adjustments Consolidated $900,000 3,450,000 1,050,000 Investment in Marcus Other assets Goodwill Total assets Liabilities Contributed capital Retained earnings Total liabilities & equity $ = $ $ During purchase negotiations, Winston determined the appraised value of Marcus's Other Assets was $1,080,000, and all of its remaining assets and liabilities were appraised at values approximating their book values. The balance of the purchase price was ascribed to goodwill. Prepare the consolidating adjustments and the consolidated balance sheet at acquisition. Winston Marcus Company Company $ 900000 $- $ $ 0 $ Consolidating Adjustments Consolidated -900000 $ $ $ $ Winston Company purchased all of Marcus Company's common stock for $900,000 cash on January 1, at which time the separate balance sheets of the two corporations appeared as follows. Investment in Marcus Other assets Goodwill Total assets $4,350,000 $1,050,000 Liabilities $1,350,000 $240,000 Contributed capital 2,100,000 450,000 Retained earnings 900,000 360,000 Total liabilities and equity $4,350,000 $1,050,000 Winston Marcus Consolidating Company Company Adjustments Consolidated $900,000 3,450,000 1,050,000 Investment in Marcus Other assets Goodwill Total assets Liabilities Contributed capital Retained earnings Total liabilities & equity $ = $ $ During purchase negotiations, Winston determined the appraised value of Marcus's Other Assets was $1,080,000, and all of its remaining assets and liabilities were appraised at values approximating their book values. The balance of the purchase price was ascribed to goodwill. Prepare the consolidating adjustments and the consolidated balance sheet at acquisition. Winston Marcus Company Company $ 900000 $- $ $ 0 $ Consolidating Adjustments Consolidated -900000 $ $ $ $