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Question - Jean and John Inc had the following balance sheets on August 31, 2019:
Jean Inc.
John Inc.
(carrying value)
(fair value)
Cash
$1,200,000
$300,000
Accounts Receivable
$ 400,000
$ 64,000
Inventory
$ 240,000
$ 80,000
$ 60,000
Plant and Equipment (net)
$ 860,000
$256,000
Trademark
$ 20,000
$ 36,000
Total Assets
$2,700,000
$720,000
Accounts Payable
$1,500,000
Bonds Payable
$ 600,000
$240,000
$210,000
Common Shares
$ 500,000
Retained Earnings
$ 100,000
$120,000
Total Liabilities and Equity
On August 31, 2019, Jean's date of acquisition, Jean Inc. purchased 90% of John Inc. for cash consideration of $400,000.
Assuming the above balance sheets were prepared immediately before the acquisition, prepare Jean Inc's consolidated balance sheet on the date of acquisition using the Fair Value Enterprise Method.
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