Accounts-amounts would be debited or credited on worksheet

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Reference no: EM13912496

Road Corporation acquired all of Conger Corporation's voting shares on January 1, 20X2, for $471,000. At that time Conger reported common stock outstanding of $85,000 and retained earnings of $134,000. The book values of Conger's assets and liabilities approximated fair values, except for land, which had a book value of $85,000 and a fair value of $105,000, and buildings, which had a book value of $233,000 and a fair value of $417,000. Land and buildings are the only noncurrent assets that Conger holds. Prepare the elimination worksheet entry for the acquisition, i.e. what accounts and amounts would be debited or credited on the worksheet?

Reference no: EM13912496

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