Current Attempt in Progress

M Company purchased $80\%$ of the outstanding common stock of T Company on January $2,2020,$ for $$390,000.$ Balance sheets for M

Company and $T$ Company immediately after the stock acquisition were as follows:

T Company owed M Company $$22,000$ on open account on the date of acquisition.

Prepare a consolidated balance sheet for $M$ and $T$ Companies on the date of acquisition. Any difference between the value implied by the

purchase price of the investment and the book value of net assets acquired relates to subsidiary land. The book values of $T$ Company's

other assets and liabilities are equal to their fair values. $($List assets in order of liquidity$)$

M COMPANY AND SUBSIDIARY

Consolidated Balance Sheet

Assets

Liabilities and Stockholders' Equity

Current Liabilitier

Long$-$term Noter Payable

Common Stock

Other Contributed Capital

Noncontrolling Interest