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Pot Inc. acquired all Seed Inc's outstanding $29 par common stock on December 31, 20X3, in exchange for 41,000 shares of Its $29 par common stock. Pot's common stock closed at $57.50 per share on a national stock exchange on December 31, 20X3. Both corporations continued to operate as separate businesses maintaining separate accounting records with years ending December 31. On December 31, 20X4, after year-end adjustments and the closing of nominal accounts, the companies had condensed balance sheet accounts. Pot Inc. Seed Inc. Assets Cash Accounts & Other Receivables Inventories Land Depreciable Assets (net) Investment in Seed Inc. Long-Term Investments & Other Assets Total Assets $ 842, eee 2, 141, eee 2,323, e80 663, eee 4,590,000 2,773,50 871, eee $14,203,500 $ 332,000 853, e8e 1,258, eee 307, e80 1,994,280 392,000 $4,936,000 Liabilities and Stockholders' Equity Accounts Payable and Other Current Liabilities Long-Term Debt Common Stock, $29 Par Value Additional Paid In Capital Retained Earnings Total Liabilities and Stockholders' Equity $ 2,458, eee 1,884, eee 3,373,000 1,168,500 5,320, eee $14, 203,500 $1,138,090 1,296,880 1,189,880 181,888 1, 132,eee $4,936,000 Additional Information 1. Pot uses the equity-method of accounting for its Investment In Seed. 2. On December 31, 20X3, Seed's assets and liabilities had fair values equal to the book balances with the exception of land, which had a fair value of $578,500. Seed had no land transactions in 20X4. 3. On June 15, 20X4, Seed pald a cash dividend of $4 per share on Its common stock. 4. On December 10, 20X4, Pot paid a cash dividend totaling $272,000 on its common stock. 5. On December 31, 20X3, Immediately before the combination, the stockholders' equity balance was: Common Stock Additional Paid-In Capital Retained Earnings Pot Inc. $2,184, eee 1,654,000 4, 115, eee $7,953,000 Seed Inc. $1,189,800 181,800 716,000 $2,886,000 6. The 20x4 net income amounts according to the separate books of Pot and Seed were $897,000 (exclusive of equity In Seed's earnings) and $580,000, respectively. 5 required, combine all deblt 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.) Answer is not complete. 5 points POT INC. AND SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X4 Consolidation Entries Pot Inc. Seed Inc. DR CR Consolidated Assets IS IS IS Cash Accounts & other receivables Inventory Land 842.000 2,141,000 2,323,000 332,000 853,000 1,058.000 1,174.000 2,994.000 3,381,000 OOOO 271,500 663,000 4.590.000 307.000 1,994.000 1,241,500 6,584,000 Depreciable assets (net) Investment in Seed Inc. 2.773,500 0 Long-term investments & other assets Total Assets 2.773,500 871,000 $14,203,500 871.000 $ 16.245.500 $ 4,544,000 $ IS 271,500 $ 2,773,500 Liabilities & Stockholders' Equity IS Accounts payable & other current liabilities Long-term debt 3,596,000 3,180,000 3,373.000 Common stock Additional Paid-in capital Retained earnings Total Liabilities & Equity $ 2,458,000 $ 1,138,000 1,884,000 1,296,000 3,373,000 1,189,000 1,168,500 181,000 5,320,000 1,132.000 $14,203,500 $ 4,936.000 1,189,000 181,000 1,132,000 X $ 2,502,000 1.168.500 5.320.000 $ 16,637.500 0
