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Problem - On January 1st 2020 The Deloit and Acme Companies had the following balance sheets:
Deloit
Acme
Cash
2,000,000
50,000
Accounts receivable
1,000,000
80,000
Inventory
Equipment
100,000
Accumulated depreciation
500,000
50000
Land
Total assets
5,500,000
330,000
Accounts payable
40,000
Common stock $1 par
Common stock
Retained earnings
1,500,000
90,000
On January 2nd Deloit acquired of 90% the outstanding stock of Acme Company for 500,000 shares of common stock. On January 2nd Deloit stock was selling for $2 per share.
On January 1st the fair market value of Acme's land was $125,000; the fair market value of their inventory was $130,000; the fair market value of the equipment was $30,000; other assets and liabilities had a fair market value equal to book value.
Required -
A) Make the journal entry Deloit makes when it acquires the Acme stock.
B) Make the journal entry Acme makes when its stock is acquired by Deloit.
C) Provide a consolidated balance sheet on Jan 2nd.
D) Make the necessary worksheet entries needed to prepare the consolidated balance sheet.
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