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Priya Corporation acquired 100 percent of Sheldon Company stock on January 1, 2019 for $734,000 cash. Following are trial balances of Priya Corporation and
Priya Corporation acquired 100 percent of Sheldon Company stock on January 1, 2019 for $734,000 cash. Following are trial balances of Priya Corporation and Sheldon Company as of December 31 2019: PRIYA CORPORATION Cash Accounts Receivable Inventory Investment in Sheldon Corp. Buildi ngs Land Equipment Cost of Goods Sold Depreciation Expense, Building Depreciation Expense, Equipment Selling & Administrative Expense Dividends Declared Accumulated Depreciation, Bldg Accumulated Depreciation, Equip Accounts Payable Bonds Payable Common Stock ($1 par) Additional Paid In Capital Retained Earnings (01/01/2019) Debit 719,600 294,000 473,000 802,700 636,000 790,000 531,000 382,000 63,600 53,100 193,400 60,000 Credit 190,800 318,600 178,000 500,000 600,000 1,482,700 809,000 SHELDON Debit 211,800 141,600 162,000 346,000 225,000 247,000 176,000 16,800 31,200 115,400 40,000 COMPANY Credit 117,600 187,200 165,800 109,200 210,000 175,000 264,000
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