Homework Help is Here – Start Your Trial Now!
Business
Accounting
On January 1, 2024, Coronado Company purchased 8,208 shares of Whispering Company's common stock for $124,000. Immediately after the stock acquisition, the statements of financial position of Coronado and Whispering appeared as follows: Assets Cash Accounts receivable Inventory Investment in Whispering Company Plant assets Accumulated depreciation-plant assets Total (b) Prepare a consolidated balance sheet workpaper as of January 1, 2024. Total Cash Accounts Receivable Liabilities and Owners' Equity Current liabilities Inventory Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Investment in Whispering Difference between Implied and Book Value Total Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Retained Earnings: Coronado Company Total Whispering Company Noncontrolling Interest Coronado Company 38,250 57,310 42,270 124,000 144,750 (56,310) 350,270 17,080 40,190 111,980 126,260 54,760 350,270 17,170 Whispering Company 28,620 25,000 107,510 (19,510) 158,790 26,620 102,600 Coronado $38,250 CORO 16,790 57,310 12,780 42,270 124,000 144,750 (56,310) $350,270 158,790 $ Whispering $17,170 28,620 25,000 Debit 107,510 (19,510) $158,790 Eliminations $17,080 NADO COMPANY AND SUBSIDIARY WHISPERING Consolidated Balance Sheet Workpaper January 1, 2024 $ 40,190 111,980 126,260 54,760 $350,270 Credit $ Noncontrolling Interest $26,620 ILL 102,600 16,790 12,780 $158,790 $ Consolidated Balance

On January 1, 2024, Coronado Company purchased 8,208 shares of Whispering Company's common stock for $124,000. Immediately after the stock acquisition, the statements of financial position of Coronado and Whispering appeared as follows: Assets Cash Accounts receivable Inventory Investment in Whispering Company Plant assets Accumulated depreciation-plant assets Total (b) Prepare a consolidated balance sheet workpaper as of January 1, 2024. Total Cash Accounts Receivable Liabilities and Owners' Equity Current liabilities Inventory Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Investment in Whispering Difference between Implied and Book Value Total Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Retained Earnings: Coronado Company Total Whispering Company Noncontrolling Interest Coronado Company 38,250 57,310 42,270 124,000 144,750 (56,310) 350,270 17,080 40,190 111,980 126,260 54,760 350,270 17,170 Whispering Company 28,620 25,000 107,510 (19,510) 158,790 26,620 102,600 Coronado $38,250 CORO 16,790 57,310 12,780 42,270 124,000 144,750 (56,310) $350,270 158,790 $ Whispering $17,170 28,620 25,000 Debit 107,510 (19,510) $158,790 Eliminations $17,080 NADO COMPANY AND SUBSIDIARY WHISPERING Consolidated Balance Sheet Workpaper January 1, 2024 $ 40,190 111,980 126,260 54,760 $350,270 Credit $ Noncontrolling Interest $26,620 ILL 102,600 16,790 12,780 $158,790 $ Consolidated Balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
On January 1, 2024, Coronado Company purchased 8,208 shares of Whispering Company's common stock for $124,000. Immediately after the stock acquisition, the statements of financial position of Coronado and Whispering appeared as follows: Assets Cash Accounts receivable Inventory Investment in Whispering Company Plant assets Accumulated depreciation-plant assets Total (b) Liabilities and Owners' Equity Current liabilities Prepare a consolidated balance sheet workpaper as of January 1, 2024. Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Total Cash Accounts Receivable Inventory Investment in Whispering Total Difference between Implied and Book Value Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Total Retained Earnings: Coronado Company Whispering Company Noncontrolling Interest 38,250 Coronado Whispering Company Company 57,310 42,270 124,000 144,750 (56,310) 350,270 17,080 40,190 111,980 126,260 54,760 350,270 17,170 28,620 107,510 25,000 (19,510) 158,790 CORON 26,620 Coronado $38,250 57,310 42,270 124,000 144,750 (56,310) $350,270 102,600 16,790 12,780 158,790 $ Whispering $17,170 28,620 25,000 Debit 107,510 (19,510) $158,790 Eliminations $ $17,080 NADO COMPANY AND SUBSIDIARY WHISPERING Consolidated Balance Sheet Workpaper January 1, 2024 $ 40,190 111,980 126,260 54,760 $350,270 Credit $ $ Noncontrolling Interest $26,620 102,600 16,790 12,780 $158,790 $ $ Consolidated Balance
Transcribed Image Text:On January 1, 2024, Coronado Company purchased 8,208 shares of Whispering Company's common stock for $124,000. Immediately after the stock acquisition, the statements of financial position of Coronado and Whispering appeared as follows: Assets Cash Accounts receivable Inventory Investment in Whispering Company Plant assets Accumulated depreciation-plant assets Total (b) Liabilities and Owners' Equity Current liabilities Prepare a consolidated balance sheet workpaper as of January 1, 2024. Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Total Cash Accounts Receivable Inventory Investment in Whispering Total Difference between Implied and Book Value Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Total Retained Earnings: Coronado Company Whispering Company Noncontrolling Interest 38,250 Coronado Whispering Company Company 57,310 42,270 124,000 144,750 (56,310) 350,270 17,080 40,190 111,980 126,260 54,760 350,270 17,170 28,620 107,510 25,000 (19,510) 158,790 CORON 26,620 Coronado $38,250 57,310 42,270 124,000 144,750 (56,310) $350,270 102,600 16,790 12,780 158,790 $ Whispering $17,170 28,620 25,000 Debit 107,510 (19,510) $158,790 Eliminations $ $17,080 NADO COMPANY AND SUBSIDIARY WHISPERING Consolidated Balance Sheet Workpaper January 1, 2024 $ 40,190 111,980 126,260 54,760 $350,270 Credit $ $ Noncontrolling Interest $26,620 102,600 16,790 12,780 $158,790 $ $ Consolidated Balance
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Consolidations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS