On January 1, 20X3, Parade Corporation reported total assets of $470,000, liabilities of $260,000, and stockholders' equity of $210,000. At that date, Summer Corporation reported total assets of $185,000, llabilities of $131,000, and stockholders' equity of $54,000. Following lengthy negotiations, Parade paid Summer's existing shareholders $43,200 in casif for 80 percent of the voting common shares of Summer. Required: Immediately after Parade purchased the Summer shares, a. What amount of total assets did Parade report in its individual balance sheet? b. What amount of total assets was reported in the consolidated balance sheet? c. What amount of total liabilities was reported in the consolidated balance sheet? d. What amount of stockholders' equity was reported in the consolidated balance sheet? a. Amount of total assets b. Amount of total assets c. Amount of total liabilities d. Amount of stockholders' equity

On January 1, 20X3, Parade Corporation reported total assets of $470,000, liabilities of $260,000, and stockholders' equity of $210,000. At that date, Summer Corporation reported total assets of $185,000, llabilities of $131,000, and stockholders' equity of $54,000. Following lengthy negotiations, Parade paid Summer's existing shareholders $43,200 in casif for 80 percent of the voting common shares of Summer. Required: Immediately after Parade purchased the Summer shares, a. What amount of total assets did Parade report in its individual balance sheet? b. What amount of total assets was reported in the consolidated balance sheet? c. What amount of total liabilities was reported in the consolidated balance sheet? d. What amount of stockholders' equity was reported in the consolidated balance sheet? a. Amount of total assets b. Amount of total assets c. Amount of total liabilities d. Amount of stockholders' equity

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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