Assets was reported in the consolidated balance sheet

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Potter Company acquired 90 percent of the voting common shares of Stately Corporation by issuing bonds with a par value and fair value of $121,500 to Strategy’s existing shareholders. Immediately prior to the acquisition, Potter reported total assets of $510,000, liabilities of $320,000, and stockholders’ equity of $190,000. At that date, Stately reported total assets of $350,000, liabilities of $215,000, and stockholders’ equity of $135,000.

What amount of total assets was reported in the consolidated balance sheet? Show Work

Reference no: EM13749921

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