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What will be the amount of net assets

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Question - Berlin, Inc. holds 100 percent of the common stock of Sea Company, an investment acquired for $520,000. Immediately following the combination, Berlin's net assets have a book value of $900,000 and a fair value of $1,050,000. The book and fair value of Sea's net assets on the date of combination are $350,000 and $425,000, respectively. Immediately following the combination, a consolidated balance sheet is prepared.

Based on the information given above, what will be the amount of net assets reported in the consolidated balance sheet?

Reference no: EM131813382

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