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Easton Corporation purchased 100% of the common stock of Hopkins Inc. on January 2, 2017. Hopkins' balance sheet on January 2, 2017 was as follows:
Accounts receivable-net
$ 250,000
Current liabilities
$ 80,000
Inventory
340,000
Long term debt
170,000
Land
140,000
Common stock ($1 par)
50,000
Building-net
120,000
Paid-in capital
450,000
Equipment-net
90,000
Retained earnings
190,000
Total Assets
$940,000
Total Liabilities & Equity
Fair values agree with book values except for inventory, land, and equipment that have fair values of $390,000, $150,000 and $75,000, respectively. Hopkins has unrecorded patent rights valued at $30,000.
Required:
a. Prepare a schedule to assign values to Hopkins' post-acquisition assets and liabilities assuming Easton paid $780,000 cash for the acquisition.
b. Prepare the consolidation entries for a January 2, 2017 consolidated balance sheet.
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