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Balance sheet information for Pawn Company and its 90% owned subsidiary, Sox Corporation, at December 31, 2016, is summarized as follow: Pawn acquired its interest
Balance sheet information for Pawn Company and its 90% owned subsidiary, Sox Corporation, at December 31, 2016, is summarized as follow:
Pawn acquired its interest in Sox for cash at book value several years ago when Sox's assets and liabilities were equal to their fair values.
The consolidate balance sheet of Pawn and Sox at December 31, 2016, will show
a. Non-controlling interest, $65,000
c. Investment in Sioux, $558,000
d. Retained earnings, $1,078,000
Current assets-net Property, plant, and equipment-net Investment in Sox Total assets Current liabilities Capital stock Retained earnings $200,000 1,000,000 558,000 $ 1,758,000 $100,000 $800,000 $858,000 $1,758,000 50,000 600,000 $650,000 $30,000 $400,000 220,000 $650,000
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