On January 1, 2024, Windsor Company purchased 8,896 shares of Sheridan Company's common stock for $131,000. Immediately after the stock acquisition, the statements of financial position of Windsor and Sheridan appeared as follows:AssetsWindsorSheridanCash$40,850$20,370Accounts receivable50,18032,780Inventory44,02026,230Investment in Sheridan Company131,000Plant assets160,360101,030Accumulated depreciation-plant assets(55,790)(18,940)Total$370,620$161,470Liabilities and Owners' EquityCurrent liabilities$16,910$23,570Mortgage notes payable40,080Common stock, $10 par value112,700111,200Other contributed capital125,21015,650Retained earnings75,72011,050Total$370,620$161,470Prepare a consolidated balance sheet workpaper as of January 1, 2024.CashWINDSOR COMPANY AND SUBSIDIARY SHERIDANConsolidated Balance Sheet WorkpaperJanuary 1, 2024WindsorSheridanEliminationsNoncontrollingConsolidatedCompany CompanyDebitCreditInterestBalance40.85020,370$$Accounts Receivable50,16032,760InventoryInvestment in SheridanDifference between Implied and Book ValuePlant AssetsAccumulated DepreciationTotalCurrent Liabilities4402026,230131,000160,360101,030(55,790)(18,940)370,620161,47016,91023,570Mortgage Note Payable40,080Common Stock:Windsor Company112,700Sheridan CompanyOther Contributed CapitalWindsor Company125,210Sheridan CompanyRetained Earnings:Windsor Company75.720Sheridan CompanyNoncontrolling InterestTotal111,20015,65011,050370,620161,470$$$

The consolation is the accounting process in which the financial results of the parent company and…

Answered: Prepare a consolidated balance sheet…

Business

Accounting

Prepare a consolidated balance sheet workpaper as of January 1, 2024.

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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