On Januarj I. 2006, 1 ennou Corporation acquires KM)",, of Ono Inc. lor $220,000 m cash I he condensed balance sheets oi the two corporations immediately following the acquisition are as follows.

Instructions Prepare a work sheet for a consolidated balance sheet.

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