Which of the following is not one of the eliminations and adjustments included on the consolidation worksheet at the acquisition date?
On January 1, 2024, Flower Company purchased 100% of the common stock of Cornell Company for $380,000 cash. Fair values differed from book values as follows:
| Fair value | |
| Inventory | $45,000 |
| Land | 50,000 |
| Buildings | 200,000 |
| Bonds Payable | 95,000 |
The trial balances of the companies at the acquisition date are as follows:
|
|
|
|
|
|
Parent |
Sub. |
|
Account Titles |
Company |
Company |
|
Assets: |
|
|
|
Inventory |
150,000 |
30,000 |
|
Cash |
639,000 |
165,000 |
|
Investment in Sub. Company |
380,000 |
|
|
Land |
20,000 |
30,000 |
|
Buildings, net |
250,000 |
180,000 |
|
|
40,000 |
|
|
Liabilities and Equity: |
|
|
|
Current Liabilities |
191,000 |
65,000 |
|
Bonds Payable |
500,000 |
100,000 |
|
Common Stock |
100,000 |
50,000 |
|
Other Paid-in Capital |
150,000 |
70,000 |
|
|
538,000 |
120,000 |
Which of the following is not one of the eliminations and adjustments included on the consolidation worksheet at the acquisition date?
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