Consolidation Homework

Penny Corp. acquired 90% of Sheldon Inc. for $1,600,000 in cash on April 20, 2023. Penny Corp.'s accounts receivable include $230,000 from Sheldon. All of Sheldons assets and liabilities were fairly stated on Sheldons books except for land that was under-valued by $60,000, building that was over-valued by $20,000, and Inventory that was over-valued by $10,000. Prepare the Consolidated Balance Sheet on April 20, 2023, immediately after acquisition. Show your calculations here. Worksheet

Eliminations