Constructing the Consolidated Balance Sheet at Acquisition Winston Company purchased all of Marcus Company's common stock for $960,000 cash on January 1, at which time the separate balance sheets of the two corporations appeared as follows. Investment in Marcus Other assets Goodwill Total assets Winston Marcus Consolidating Company Company Adjustments Consolidated $960,000 $- 3,680,000 1,120,000 0 = Liabilities $4,640,000 $1,120,000 $1,440,000 $256,000 Contributed capital Retained earnings 2,240,000 480,000 960,000 384,000 Total liabilities and equity $4,640,000 $1,120,000 During purchase negotiations, Winston determined the appraised value of Marcus's Other Assets was $1,152,000, and all of its remaining assets and liabilities were appraised at values approximating their book values. The balance of the purchase price was ascribed to goodwill. Prepare the consolidating adjustments and the consolidated balance sheet at acquisition. Winston Company Marcus Consolidating Company Adjustments Consolidated Investment in Marcus $ Other assets 960,000 3,680,000 0 (960,000) $ 0 0 0 0 Goodwill 0 0 0 0 Total assets $ 0 $ 0 $ 0 Liabilities $ 0 $ 0 0 $ 0 Contributed capital 0 0 0 0 Retained earnings 0 0 0 0 Total liabilities & equity $ 0 $ 0 $ 0 Check