Reference no: EM132680064
On January 2, 2014, Prunce Company acquired 90% of the outstanding common stock of Sun Company for $182,180 cash. Just before the acquisition, the balance sheets of the two companies were as follows:
Prunce Sun
Cash $260,170 $ 61,600
Accounts receivable (net) 135,110 24,380
Inventory 111,380 54,670
Plant and equipment (net) 407,890 94,740
Land 59,390 30,620
Total asset $973,940 $266,010
Accounts payable $111,520 $ 47,690
Mortgage payable 70,590 36,590
Common stock, $2 par value 422,400 64,870
Other contributed capital 214,090 20,290
Retained earnings 155,340 96,570
Total equities $973,940 $266,010
- The fair values of Sun Company's assets and liabilities are equal to their book values with the exception of land.
Problem 1: Make a consolidated balance sheet at the date of acquisition.
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