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help me thank you Cash 2. On January 1, 20x1, Hammer Co. acquired 80% interest in Folk Co. The financial statements of the combining entities
help me thank you
Cash 2. On January 1, 20x1, Hammer Co. acquired 80% interest in Folk Co. The financial statements of the combining entities right after the business combination are as follows: Hammer Co. Folk Co. 160,000 10,000 200,000 110,000 400,000 80,000 Investment in subsidiary 520,000 1,000,000 300,000 Total assets 2,280,000 500,000 Accounts receivable Inventory Building, net Accounts payable Share capital Share premium Retained earnings Total liabilities and equity 100,000 1,000,000 300,000 880,000 2,280,000 20,000 200,000 100,000 180,000 500,000 Folk's assets and liabilities approximate their fair values, except inventory (fair value is $100,000) and building (fair value is $400,000). Hammer measured the NCI at 'proportionate share'. Requirement; Prepare the consolidated statement of financial positionStep by Step Solution
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