On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed

Question:

On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed balance sheets of the two corporations immediately following the acquisition are as follows.

Instructions
Prepare a worksheet for a consolidated balancesheet.

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Financial Accounting

ISBN: 978-0470507018

7th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: May 22, 2012 01:07 AM

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On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed

Question:

Lennon Corporation 60,000 220,000 300,000 $580,000 Ono Inc S 50,000 Current assets Investment in Ono Inc. common stock Plant and equipment (net) 220,000 $270,000 50,000 Current liabilities Common stock Retained earnings $180,000 230,000 170,000 $580,000 80,000 140,000 $270,000

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LENNON CORPORATION AND SUBSIDIARY WorksheetConsolidated Bal...View the full answer

Financial Accounting

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