MYLAB EXCELLENCE IN BUSSI COMM ETEXT
MYLAB EXCELLENCE IN BUSSI COMM ETEXT
12th Edition
ISBN: 9780135854907
Author: BOVEE
Publisher: PEARSON
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Chapter 6, Problem 13LOC
Summary Introduction

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Please provide this question solution general accounting
Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $187,000. The trial balances for the two companies on December 31, 20X7, included the following amounts: Item Prince Corporation Sword Company Debit Credit Debit Credit Cash $ 94,000   $ 43,000   Accounts Receivable 59,000   64,000   Inventory 183,000   104,000   Land 92,000   38,000   Buildings and Equipment 496,000   151,000   Investment in Sword Company 248,000       Cost of Goods Sold 496,000   254,000   Depreciation Expense 22,000   12,000   Other Expenses 65,000   65,000   Dividends Declared 51,000   23,000   Accumulated Depreciation   $ 153,000   $ 60,000 Accounts Payable   64,000   34,000 Mortgages Payable   192,000   111,000 Common Stock   291,000   40,000 Retained Earnings   335,000   91,000 Sales   687,000   418,000 Income from Sword Company   84,000       $ 1,806,000 $ 1,806,000 $ 754,000 $ 754,000 Additional Information On January 1, 20X7, Sword…
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