3. The L Corporation purchased 90% of s, Inc. shares, on January 1, 2016, for $265,500 cash. Several S's accounts have market values that differ from their book values on this date: Fair Вook Market Value $ 20,000 Value $ Land. Buildings. Equipment.. Notes Payable. 60,000 40,000 50,000 70,000 80,000 30,000 55,000 Required: Prepare the journal entry to record the purchase and a consolidation worksheet at the date of acquisition based on the following information: L Dr. Cr. Cons. B/S Cash.... $ 65,500 $ 16,000 52,000 90,000 -0- 116,000 144,000 265,500 210,000 640,000 308,000 Receivables.. Inventory... Investment in S. Land . Buildings (net). Equipment (net). 20,000 60,000 40,000 Total Assets. 1,749,000 278,000 $ 88,000 Accounts Payable . Notes Payable.. Common Stock. Retained Earnings.. 510,000 380,000 771,000 $ 8,000 50,000 80,000 140,000 Total Liabilities and Equities.. 1,749,000 278,000 %24

3. The L Corporation purchased 90% of s, Inc. shares, on January 1, 2016, for $265,500 cash. Several S's accounts have market values that differ from their book values on this date: Fair Вook Market Value $ 20,000 Value $ Land. Buildings. Equipment.. Notes Payable. 60,000 40,000 50,000 70,000 80,000 30,000 55,000 Required: Prepare the journal entry to record the purchase and a consolidation worksheet at the date of acquisition based on the following information: L Dr. Cr. Cons. B/S Cash.... $ 65,500 $ 16,000 52,000 90,000 -0- 116,000 144,000 265,500 210,000 640,000 308,000 Receivables.. Inventory... Investment in S. Land . Buildings (net). Equipment (net). 20,000 60,000 40,000 Total Assets. 1,749,000 278,000 $ 88,000 Accounts Payable . Notes Payable.. Common Stock. Retained Earnings.. 510,000 380,000 771,000 $ 8,000 50,000 80,000 140,000 Total Liabilities and Equities.. 1,749,000 278,000 %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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