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im so lost!! please help! am i correct so far? On January 1, 2024. Presidio Company acquired 100 percent of the outstanding common stock of
im so lost!! please help! am i correct so far?
On January 1, 2024. Presidio Company acquired 100 percent of the outstanding common stock of Mason Company. To acquire these shares, Presidio issued to the owners of Mason $312,000 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. Presidio paid $26,000 to accountants, lawyers, and brokers for assistance in the acquisition and another $11,000 in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: View transaction list View journal entry worksheet Separately determine each individual amount that Presidio Company would report in its consolidated balance sheet following the acquisition of Mason. Include in Presidio's retained earnings any adjustments to income accounts from part (a). Note: Input all amounts as positive values. January 1, 2024 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{ Accounts } & \multirow{2}{*}{\multicolumn{2}{|c|}{PresidioCompany}} & \multirow{2}{*}{\multicolumn{2}{|c|}{MasonCompany}} & \multicolumn{3}{|c|}{ Consolidation Entries } & \multirow{2}{*}{ConsolidatedTotals} \\ \hline & & & & & & Debit & Credit & \\ \hline Cash & $ & 470,000 & $ & 0 & $ & 470,000 & & \\ \hline Receivables & & & & & & & & \\ \hline Inventory & & & & & & & & \\ \hline Land & & & & & & & & \\ \hline Buildings (net) & & & & & & & & \\ \hline Equipment (net) & & & & & & & & \\ \hline Investment in Mason & & & & & & & & f \\ \hline Total assets & $ & 470,000 & $ & 0 & & & & $ \\ \hline Accounts payable & & & & & & & & \\ \hline Long-term liabilities & & & & & & & & \\ \hline Common stock & & & & & & & & \\ \hline Additional paid-in capital & & & & & & & & \\ \hline Retained earnings, 1/1/24 & & & & & & & & \\ \hline Total liabilitios and equities & $ & 0 & $ & 0 & $ & 470,000 & $ & $ \\ \hline \end{tabular} Step by Step Solution
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