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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.

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
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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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 July 1, 2020, together with current fair values of Saul Company's identifiable net assets, are as follows: Based on Statement of Financial Position Fair Value Assets Cash Accounts receivable (net) Paul Saul Saul 2,200,000 2,800,000 5,600,000 11,400,000 2,440,000 22,000,000 3,200,000 40,000 240,000 480,000 40,000 240,000 560,000 2,760,000 3,600,000 Inventories Plant assets (net) Total Assets Liabilities and Shareholders' Equity Current liabilities Long-term debt Common Stock, P10 par Additional paid In capital Retained earnings Total Liabilities & Equity On July 1, 2020, Paul Company acquired 80%of the issued shares of Saul Company's 320,000 1,760,000 2,000,000 4,000,000 1,600,000 6,000,000 4,800,000 5,200,000 22,000,000 3,200,000 320,000 400,000 160,000 720,000 outstanding stock by paying P1,400,000 cash to Saul Company's shareholders.
Transcribed Image Text:Separate statement of financial positions of Paul Company and Saul Company on July 1, 2020, together with current fair values of Saul Company's identifiable net assets, are as follows: Based on Statement of Financial Position Fair Value Assets Cash Accounts receivable (net) Paul Saul Saul 2,200,000 2,800,000 5,600,000 11,400,000 2,440,000 22,000,000 3,200,000 40,000 240,000 480,000 40,000 240,000 560,000 2,760,000 3,600,000 Inventories Plant assets (net) Total Assets Liabilities and Shareholders' Equity Current liabilities Long-term debt Common Stock, P10 par Additional paid In capital Retained earnings Total Liabilities & Equity On July 1, 2020, Paul Company acquired 80%of the issued shares of Saul Company's 320,000 1,760,000 2,000,000 4,000,000 1,600,000 6,000,000 4,800,000 5,200,000 22,000,000 3,200,000 320,000 400,000 160,000 720,000 outstanding stock by paying P1,400,000 cash to Saul Company's shareholders.
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