Hello, I'm having issues with the books problem questions. The problem is looking for the "Consolidated balance of cash" If the method is needed, we've been told to use Fair value method. Separate statement of financial positions of Paul Company and Saul Company on July1, 2020, together with current fair values of Saul Company's identifiable net assets, are asfollows:Based on Statementof Financial PositionFair ValueAssetsCashAccounts receivable (net)PaulSaulSaul2,200,0002,800,0005,600,00011,400,000 2,440,00022,000,000 3,200,00040,000240,000480,00040,000240,000560,0002,760,0003,600,000InventoriesPlant assets (net)Total AssetsLiabilities and Shareholders' EquityCurrent liabilitiesLong-term debtCommon Stock, P10 parAdditional paid In capitalRetained earningsTotal Liabilities & EquityOn July 1, 2020, Paul Company acquired 80%of the issued shares of Saul Company's320,0001,760,0002,000,0004,000,000 1,600,0006,000,0004,800,0005,200,00022,000,000 3,200,000320,000400,000160,000720,000outstanding stock by paying P1,400,000 cash to Saul Company's shareholders.

Consolidated financial statements are the financial statements of a group consisting of multiple…

Answered: Hello, I'm having issues with the books…

Hello, I'm having issues with the books problem questions. The problem is looking for the "Consolidated balance of cash" If the method is needed, we've been told to use Fair value method.

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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