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I need help with this problem and how to calculate On January 1, 20X3, Guild Corporation reported total assets of $470, 000, liabilities of $260,
I need help with this problem and how to calculate
On January 1, 20X3, Guild Corporation reported total assets of $470, 000, liabilities of $260, 000, and stockholders' equity of $210, 000. At that date, Bristol Corporation reported total assets of $191, 000, liabilities of $134, 000, and stockholders' equity of $57, 000. Following lengthy negotiations, Guild paid Bristol's existing shareholders $48, 450 in cash for 85 percent of the voting common shares of Bristol Required: Immediately after Guild purchased the Bristol shares What amount of total assets did Guild report in its individual balance sheet? What amount of total assets was reported in the consolidated balance sheet? What amount of total liabilities was reported in the consolidated balance sheet Step by Step Solution
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