Pluto Corp. paid $750,000 to acquire all the common shares of Saturn Inc., and Saturn Inc. owes

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Pluto Corp. paid $750,000 to acquire all the common shares of Saturn Inc., and Saturn Inc. owes Pluto Corp. $170,000 on a note payable. The fair market value of Saturn Inc.'s net assets equaled the book value. Immediately after the purchase on May 31, 2014, the two companies' balance sheets were as follows:

Pluto Corp. paid $750,000 to acquire all the common shares

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Prepare a consolidation work sheet.

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Accounting

ISBN: 978-0132690089

9th Canadian Edition volume 2

Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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