ADV 2: CONSOLIDATION OF FINANCIAL STATEMENTS Page 4 4. Corporation PX acquired 2,000 shares of the voting stock of Corporation SX in the open market at P 50 per share. Balance sheets of both companies on January 1, 2020, immediately after the acquisition of shares of PX, are as follows: Corporation PX Corporation SX Cash P 50,000 P 10,000 Temporary investments 80,000 40,000 Receivables (net) 95,000 10,000 Investment in Corporation SX 100,000 Machinery and equipment (net) 100,000 45,000 Land 50.000 20.000 Total assets P 475,000 P 125,000 Accounts payable P 75,000 P 25,000 Common stock (P 20 par) 250,000 50,000 Excess over par 90,000 30,000 Retained earnings 60.000 20,000 Total liabilities and SHE P 475,000 P 125 000 The fair values of PX and SX assets on January 1, 2020, are presented below. Liabilities of both companies are prop valued at their respective book value: PX SX Cash P 50,000 P 10,000 Temporary investment 100,000 50,000 Receivables (net) 95,000 8,000 Investment in Corporation SX 100,000 Machinery and equipment (net) 110,000 40,000 Land 100.000 30.000 P 555,000 P 138,000 In the consolidated balance sheet, the total temporary investment should be reported at: In the consolidated balance sheet, the receivables should be reported at: In the consolidated balance sheet, goodwill should be reported at: The total consolidated assets must be: In the consolidated balance sheet, net assets should be reported at: CONSOLIDATED FINANCIAL STATEMENTS: SUBSEQUENT TO DATE OF ACQUISITION