Omega Corporation buys 100 percent ownership of Family Season Corporation for $200,000. At the time of the

Question:

Omega Corporation buys 100 percent ownership of Family Season Corporation for $200,000. At the time of the purchase, Family Season’s stockholders’ equity consisted of $40,000 in common stock and $160,000 in retained earnings. Omega’s stockholders’ equity consisted of $400,000 in common stock and $800,000 in retained earnings. After the purchase, what would be the amount, if any, of the following accounts on the consolidated balance sheet: goodwill, minority interest, common stock, and retained earnings?

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...