Reference no: EM132934104
Question - Parent and Sub Inc. had the following balance sheets on December 31, 2020:
Parent Sub
Current Assets $65,000 $11,000
Fixed Assets (net) $100,000 $61,000
Goodwill $2,000
Total Assets $165,000 $74,000
Current Liabilities $42,000 $35,000
Bonds Payable $25,000 $12,000
Common Shares $90,000 $12,000
Retained Earnings $8,000 $15,000
Total Liabilities and Equity $165,000 $74,000
On January 1, 2021, acquired Sub by issuing common shares in the amount of $50,000. On that date, Sub's fair value of Current Assets and Fixed Assets were worth $16,000 and $58,000 respectively. Current Liabilities were 34,000.
Further, on January 1, 2021, the fair value of Parent's Current and Fixed assets were worth $64,000 and $103,000 respectively.
Required - Generate a consolidated balance sheet on the date of acquisition.
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