Data for the Lennon and Ono corporations are presented in E12 13 Assume that instead of paying $220,000 in cash for Ono Inc , Lennon Corporation pays $225,000 in cash Thus, at the acquisition date, the assets of Lennon Corporation are Current assets $55,000, Investment in Ono Inc common stock $225,...

LENNON CORPORATION AND SUBSIDIARY WorksheetConsolidated Balance ...

Data for the Lennon and Ono corporations are presented in E12-13. Assume that instead of paying $220,000

Question:

Data for the Lennon and Ono corporations are presented in E12-13. Assume that instead of paying $220,000 in cash for Ono Inc., Lennon pays $225,000 in cash. Thus, at the acquisition date, the assets of Lennon are: Current assets $55,000, Investment in Ono Inc. $225,000, and Plant and equipment (net) $300,000.

Instructions
Prepare a worksheet for a consolidated balance sheet.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...