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13 On January 1, 2021, Marshall Company acquired 100 percent of the outstanding common stock of Tucker Company. To acquire these shares, Marshall issued $310,000 in long-term liabilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Marshall paid $24,000 to accountants, lawyers, and brokers for assistance in the acquisition and another $9,000 in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: 0.68/0.88 points awarded Marshall Company Book Value $ 75,000 Tucker Company Book Value $ 38,800 Cash Receivables Inventory Land 354,000 380,000 90,000 229,000 246,000 253,000 476,000 274,000 Buildings (net) Equipment (net) 174,000 50,400 (241,000) (41,400) Accounts payable Long-term liabilities (480,000) (310,000) (110,000) Common stock-$1 par value Common stock-$20 par value Additional paid-in capital Retained earnings, 1/1/21 (120,000) 0 (360,000) (514,000) (463,800) Note: Parentheses indicate a credit balance. In Marshall's appraisal of Tucker, It deemed three accounts to be undervalued on the subsidiary's books: Inventory by $9,000, Land by $25,800, and Buildings by $32,200. Marshall plans to maintain Tucker's separate legal identity and to operate Tucker as a wholly owned subsidiary. a. Determine the amounts that Marshall Company would report in its postacquisition consolidated balance sheet. In preparing the postacquisition balance sheet, any required adjustments to income accounts from the acquisition should be closed to Marshall's retained earnings. Other accounts will also need to be added or adjusted to reflect the journal entries Marshall prepared in recording the acquisition. b. To verify the answers found in part (a), prepare a worksheet to consolidate the balance sheets of these two companies as of January 1, 2021. Complete this question by entering your answers in the tabs below. Scored 0.68/0.88 points awarded Scored Complete this question by entering your answers in the tabs below. Required A Required B Determine the amounts that Marshall Company would report in its postacquisition consolidated balance sheet. In preparing the postacquisition balance sheet, any required adjustments to income accounts from the acquisition should be closed to Marshall's retained earnings. Other accounts will also need to be added or adjusted to reflect the journal entries Marshall prepared in recording the acquisition. (Input all amounts as positive values.) Show less A Consolidated Totals Cash S Receivables Inventory Land Buildings (net) Dondin Equipment (net) companie Total assets Accounts payable Long-term liabilities Common stock Additional paid-in capital Retained earnings Total liabilities and equities S (1,169,600) Required A Required B > *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 80,800 444,000 618,000 524,800 782,200 224,400 S 2,674,200 S (282,400) (1,100,000) 80,000 X (540,000) X 672,800 X 13 0.68/0.88 points awarded Scared Required A Required B To verify the answers found in part (a), prepare a worksheet to consolidate the balance sheets of these two companies as of January 1, 2021. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Show less A MARSHALL COMPANY AND CONSOLIDATED SUBSIDIARY Worksheet January 1, 2021 Marshall Accounts Company Tucker Company Consolidation Entries Debit Consolidated Totals Credit $ 42,000 S 38,800 S 354,000 90,000 80,800 444,000 618,000 380,000 246,000 476,000 229,000 253,000 274,000 9,000 25,800 524,800 32,200 782,200 174,000 50,400 224,400 X 0 $ 1,672,000 S 935,200 (241,000) (41,400) 2,674.200 (282,400) (1,100,000) 790,000 (310,000) 80,000 x (120,000) 120,000 540,000 X 0 80,000 X 540,000 X 758,800 X X 672,800 x (463,800) $1,841,800 $ (935,200) Total liabilities and equities $ 187,000 $ 510,000 IS (3,600)