The separate entity and consolidated balance sheets of Bernard Ltd. on December 31, Year 2, just after

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The separate entity and consolidated balance sheets of Bernard Ltd. on December 31, Year 2, just after the transaction described below, were as follows:


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On December 31, Year 2, Bernard purchased 100% of Kamloops Inc.’s common shares for $74,000 in cash. Coincidentally, the carrying amounts of Kamloops’ assets and liabilities were equal to fair value. Kamloops reported goodwill of nil and common shares of $48,050 at the date of acquisition. 



Required 


Prepare Kamloops’ separate entity balance sheet at December 31, Year 2. Plug retained earnings to balance the balance sheet.

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Modern Advanced Accounting In Canada

ISBN: 9781260881295

10th Edition

Authors: Hilton Murray, Herauf Darrell

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