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Question - Parent Company Inc. successfully bids for Child Company Inc. in year X1. Parent Company Inc. has purchased all of Child's shares outstanding for $14,875 Following are excerpts from both companies' financial statements for year X1, prior to the acquisition.
Parent Co. Inc.
Child Co. Inc.
Total assets
$63,400
$9,400
Total Liabilities
$41,000
$2,800
Total shareholder equity
$22,400
$6,600
Also assume the following information: $2,600 of the excess price relates to depreciable assets, and those assets have an additional useful life of 10 years at the time of the acquisition. Parent Company Inc. uses the straight line depreciation method and has a 40% tax rate. The combined net income for both companies for year X2 was $2,800.
Required - What would be total assets in the consolidated financial statements for the date on which the merger became effective, assuming any excess purchase price relates to goodwill?
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