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Consolidated Balance Sheet Workpaper
On January 1, 2011, Perry Company purchased 8,000 shares of Soho Company"s common stock for $120,000. Immediately after the stock acquisition, the statements of financial position of Perry and Soho appeared as follows:
Assets
Perry
Soho
Cash
$ 39,000
$ 19,000
Accounts receivable
53,000
31,000
Inventory
42,000
25,000
Investment in Soho Company
120,000
Plant assets
160,000
110,500
Accumulated depreciation-plant assets
(52,000)
(19,500)
Total
$362,000
$166,000
Liabilities and Owners" Equity
Current liabilities
$ 18,500
$ 26,000
Mortgage notes payable
40,000
Common stock, $10 par value
100,000
Other contributed capital
135,000
16,500
Retained earnings
48,500
23,500
Required:
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