On August 1, 2016, Post Inc acquired 100% of the stock of Stone Company. At the time of the purchase, Post and Stone had Retained Earnings of $180,000 and $90,000 respectively. At the end of the year on December 31, 2016, Post and Stone had Retained Earnings of $216,000 and $108,000 respectively. When Post's December 31, 2016 consolidated balance sheet was prepared, what retained earnings balance should have been included on that balance sheet? $234,000. $108,000. $216,000. $324,000.

On August 1, 2016, Post Inc acquired 100% of the stock of Stone Company. At the time of the purchase, Post and Stone had Retained Earnings of $180,000 and $90,000 respectively. At the end of the year on December 31, 2016, Post and Stone had Retained Earnings of $216,000 and $108,000 respectively. When Post's December 31, 2016 consolidated balance sheet was prepared, what retained earnings balance should have been included on that balance sheet? $234,000. $108,000. $216,000. $324,000.

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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