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What is consolidated common stock

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Question - Prior to being united in a business combination, Trump Inc. and Clinton Corp. had the following stockholders' equity figures as of January 1, 20X1:

Trump

Clinton

Common Stock ($1 par)

$220,000

$54,000

Additional Paid-in Capital

110,000

25,000

Retained Earnings

360,000

130,000

Assume that Trump acquired Clinton on January 2, 20X1. Trump issued 60,000 new shares of its common stock valued at $4.00 per share for all of the outstanding stock of Clinton. Immediately afterwards, what is consolidated Common Stock (first think about the entry the Parent would make to record the Investment, then what would happen on the consolidated worksheet with Entry S)?

Reference no: EM133116005

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