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B) Muscat Company acquired all of outstanding shares of Salalah Company on 31 December 2022 by paying 90,000 OMR cash. Salalah Co. will continue its
B) Muscat Company acquired all of outstanding shares of Salalah Company on 31 December 2022 by paying 90,000 OMR cash. Salalah Co. will continue its operations as a separate legal and accounting entity. The differences between book and fair values of Salalah Co.'s financial statement items as well as the items not recognized on its balance sheet are given in the table below. Financial information as of 31 December 2022 for both companies is given below. Prepare consolidation worksheet at the date of acquisition
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