please do not provide solution in image format thank you! MarshaMarshaMarsha Inc. purchased 100% of the outstanding stock of Oh MyNose Inc. for purposes of horizontal consolidation and paid $2,000,000 cash for the stock. The balance sheets for the two companies immediatelyafter the acquisition are as follows:CashA/RInventoryNet Fixed AssetsTrademarksTotal Assets:AccountCashA/RAssetsInventoryNet Fixed AssetsTrademarksInvestment in SubsidiaryBook ValueGoodwillA/PNotes PayableBonds PayableMortgage PayableCommon Stock - Marsha(3)$1,000,000Common Stock-Oh MyNoseRetained Earnings-Marsha(3)Retained Earnings-Oh My NoseOhMyNose Inc.Balance Sheet as of 9/15/20X1$0$0250,000 250,000150,000 150,000500,000 1,000,000100,000500,000Fair MarketValueTotals02,000,0000(1,500,000)(500,000)(3,100,000)0SOTotal Liabilities & O.E.:$1,000,000$6,350,000Total Liabilities & O.E.:A) Complete the below Consolidation Entries for the "Consolidation & Elimination Worksheet" for this acquisition as of the date of the acquisition by entering the proper debit and credit amounts in the gray-shaded cells below.Consolidation EntriesDebitEntryTrial BalancesCombinedMarsha(3) Oh MyNose$750,000$0 $750,000500,000 250,000 750,000600,000 150,000 750,0002,500,000 500,000 3,000,000100,000 100,0002,000,0000(1,000,000) (250,000) (1,250,000)(250,000)(50,000) (300,000)0(500,000) (500,000)0 (1,500,000)(500,000)(25,000) "A"(3,100,000)(175,000) "A"$0(25,000)Liabilities & Owners' EquityBook Value$250,00050,000A/PNotes PayableBonds PayableTotal Liabilities:(175,000)$0Common StockRetained EarningsTotal Equity:0Entry"B""B""C"500,000$800,000"B"25,000175,000$200,000Fair MarketValue$250,00050,000450,000SO"A""B""C"CreditCashA/R$0InventoryNet Fixed AssetsInvestment in SubsidiaryAssetsTotal Assets:Consolidated Balance$0MarshaMarshaMarsha Inc.Balance Sheet as of 9/15/20X1Book Value$750,000500,000600,0002,500,0002,000,000Liabilities & Owners' EquityA/PNotes PayableMortgage PayableTotal Liabilities:Common StockRetained EarningsTotal Equity:Book Value$1,000,000250,0001,500,000$2,750,000500,0003,100,000$3,600,000$6,350,000Entry "A" Eliminate the subsidiary's equityagainst the parent's investment accountEntry "B" Adjust the net assets of the subsidiaryto Fair Market Value and offset to theinvestmentEntry "C" Any remaining amount in theinvestment account gets eliminated toGoodwill

The consolidated financial statements are the statement that is prepared by the parent company to…

MarshaMarshaMarsha Inc. purchased 100% of the outstanding stock of Oh MyNose Inc. for purposes of horizontal consolidation and paid $2,000,000 cash for the stock. The balance sheets for the two companies immediately after the acquisition are as follows: Assets Book Value OhMyNose Inc. Balance Sheet as of 9/15/20X1 Fair Market Value Liabilities & Owners' Equity Book Value Fair Market Value $350.000 Assets MarshaMarshaMarsha Inc. Balance Sheet as of 9/15/20X1 Book Value $350 000 Liabilities & Owners' Equity Book Value 10.000

MarshaMarshaMarsha Inc. purchased 100% of the outstanding stock of Oh MyNose Inc. for purposes of horizontal consolidation and paid $2,000,000 cash for the stock. The balance sheets for the two companies immediately after the acquisition are as follows: Assets Book Value OhMyNose Inc. Balance Sheet as of 9/15/20X1 Fair Market Value Liabilities & Owners' Equity Book Value Fair Market Value $350.000 Assets MarshaMarshaMarsha Inc. Balance Sheet as of 9/15/20X1 Book Value $350 000 Liabilities & Owners' Equity Book Value 10.000

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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