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12. The following are preliminary nancial statements for Green Go. and Gold Go. for the year ending December 31, 2010 prior to Green's acquisition of

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12. The following are preliminary nancial statements for Green Go. and Gold Go. for the year ending December 31, 2010 prior to Green's acquisition of Gold. Gremlin. E04121. Sales $300,000 $220,000 Expenses 240 000! [132 0001 Net income $120.00 :0 0 00,000 Retained earnings, Januaryr 1, 2010 $400,000 $252,000 Net income (from above} 120,000 00,000 Dividends declared 431301101 _:1 Retained earnings, December 31, 2010 m w 0 0 Current assets. $300,000 $120,000 Land 120,000 100,000 Buding (net) 400 000 330 000 Total assets $000.00 004 0 0 Liabilities $100,000 $132,000 Common stock 102,000 22,000 Additional paidin capital 00,000 12,000 Retained earnings, December 31, 2010 m M Total liabiiities and stockholders' equity $000 .00 504 00 0 0 On December 31, 2010 [subsequent to the preceding statements}, Green exchanged 10,000 shares of its $10 par value common stock for ali of the outstanding shares of Gold. Green's stock on that date has a fair value of $00 per share. Green was willing to issue 10,000 shares of stock because Gold's land was appraised at $204,000. Green also paid $14,000 to attorneys and accountants who assisted in creating this combination. Required: Assuming that these two companies retained their separate legal identities, prepare 'lE consolidation worksheet entries as of December 31, 2010 after the acquisition transaction is completed

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