Chapter 13, Problem 24P

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Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies’ balance sheets as of December 31, 20X4, were as follows:   Punch Manufacturing Corporation Short Retail Stores Assets     Cash $ 58,000 $ 38,000 Accounts Receivable 110,000 90,000 Inventory 250,000 125,000 Land 105,000 75,000 Buildings and Equipment 510,000 310,000 Less: Accumulated Depreciation (230,000) (140,000) Investment in Short Retail Stores 140,000   Total Assets $ 943,000 $ 498,000 Liabilities and Equity     Accounts Payable $ 113,000 $ 33,000 Bonds Payable 270,000 200,000 Preferred Stock ($10 par value) 200,000 90,000 Common Stock:     $10 par value 150,000   $5 par value   100,000 Retained Earnings 210,000 75,000 Total Liabilities and Equity $ 943,000 $ 498,000 Short Retail’s 8 percent preferred stock is convertible into 15,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock.…

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