Solution-Prepare a worksheet for a consolidated balance

Prepare a worksheet for a consolidated balance sheet

Reference no: EM13548094

On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed balance sheets of the two corporations immediately following the acquisition are as follows.

	Lennon	Ono
	Corporation	Inc.
Current assets	$ 60,000	$ 50,000
Investment in Ono Inc. common stock	220,000
Plant and equipment (net)	300,000	220,000
	$580,000	$270,000
Current liabilities	$180,000	$ 50,000
Common stock	230,000	80,000
Retained earnings	170,000	140,000

Instructions

Prepare a worksheet for a consolidated balance sheet.

Reference no: EM13548094

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Prepare a worksheet for a consolidated balance sheet : Prepare a worksheet for a consolidated balance sheet - The condensed balance sheets of the two corporations immediately following the acquisition.

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Prepare a worksheet for a consolidated balance sheet

Reference no: EM13548094

Reference no: EM13548094

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