A)805,000 B)712,000 C)742,000 D)1,102,000

A)330,000 B)712,000 C)318,000 D)130,000

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Q1 What amount would be reported on total assets?

Q2 what amount would be reported on total liabilities?

Same data set

Required information On January 1, 20X8. Potter Corporation acquired 90 percent of Shoemaker Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Shoemaker at that date Potter uses the fully adjusted equity method in accounting for its ownership of Shoemaker. On December 31, 20X9, the trial balances of the two companies are as follows: Current Assets Depreciable Assets Investment in Shoemaker Corp. Depreciation Expense other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Subsidiary Potter Company Debit Credit $200,000 350,000 162,00 27,000 95,00 2e, $118,000 10e, 1ae, 120,000 150,000 250,000 35,00 5854,00 5850,000 Shoemaker Corporation Debt Credit $140, eee 250,00 10,000 60,000 10, $ 80, eee 50, eee 50, eee 50,000 100,000 110,000 $470,00 5.670,000 Based on the preceding information, what amount would be reported as total assets in the consolidated balance sheet at December 31, 20x9? WO W! min HE RE TRE SERE 1901 w ** Det w Required information On January 1, 20X8. Potter Corporation acquired 90 percent of Shoemaker Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Shoemaker at that date Potter uses the fully adjusted equity method in accounting for its ownership of Shoemaker. On December 31, 20X9, the trial balances of the two companies are as follows: Current Assets Depreciable Assets Investment in Shoemaker Corp. Depreciation Expense other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Subsidiary Potter Company Debit Credit $200,000 350,000 162,00 27,000 95,00 2e, $118,000 10e, 1ae, 120,000 150,000 250,000 35,00 5854,00 5850,000 Shoemaker Corporation Debt Credit $140, eee 250,00 10,000 60,000 10, $ 80, eee 50, eee 50, eee 50,000 100,000 110,000 $470,00 5.670,000 Based on the preceding information, what amount would be reported as total assets in the consolidated balance sheet at December 31, 20x9? WO W! min HE RE TRE SERE 1901 w ** Det w