**Journal Entries and Consolidation/Elimination Entries Only

P4-26 Computation of Consolidated Balances Post Records Inc. acquired all of Script Studios' voting shares on January 1, 20X2, for $280,000. Post's balance sheet immediately after the combination contained the following balances: Script Studios' balance sheet at acquisition contained the following balances: On the date of combination, the inventory held by Script had a fair value of $170,000, and its buildings and recording equipment had a fair value of $375,000. Goodwill reported by Script resulted from a purchase of Sound Stage Enterprises in 20X1. Sound Stage was liquidated and its assets and liabilities were brought onto Script's books. Required Compute the balances to be reported in the consolidated balance sheet immediately after the acquisition for: a. Inventory. b. Buildings and Equipment (net). c. Investment in Script Stock. d. Goodwill. e. Common Stock. f. Retained Earnings. Balance Sheet Worksheet with Differential Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for \$189,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: At the date of the business combination, Slim's net assets and liabilities approximated fair value except for inventory, which had a fair value of $84,000, and buildings and equipment (net), which had a fair value of $165,000. Required a. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. Basic Consolidation Worksheet Police Corporation acquired 100 percent of Station Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Station's assets and liabilities were equal. Police uses the equity method in accounting for its investment in Station. Adjusted trial balances for Police and Station on December 31, 20X3, are as follows: Required a. Give all consolidation entries required on December 31, 20X3, to prepare consolidated financial statements. 21 Basic Consolidation Worksheet for Second Year Police Corporation acquired 100 percent of Station Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Station's assets and liabilities were equal. Police uses the equity method in accounting for its investment in Station. Adjusted trial balances for Police and Station on December 31, 20X4, are as follows: Required a. Give all consolidation entries required on December 31,20X4, to prepare consolidated financial statements. P4-26 Computation of Consolidated Balances Post Records Inc. acquired all of Script Studios' voting shares on January 1, 20X2, for $280,000. Post's balance sheet immediately after the combination contained the following balances: Script Studios' balance sheet at acquisition contained the following balances: On the date of combination, the inventory held by Script had a fair value of $170,000, and its buildings and recording equipment had a fair value of $375,000. Goodwill reported by Script resulted from a purchase of Sound Stage Enterprises in 20X1. Sound Stage was liquidated and its assets and liabilities were brought onto Script's books. Required Compute the balances to be reported in the consolidated balance sheet immediately after the acquisition for: a. Inventory. b. Buildings and Equipment (net). c. Investment in Script Stock. d. Goodwill. e. Common Stock. f. Retained Earnings. Balance Sheet Worksheet with Differential Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for \$189,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: At the date of the business combination, Slim's net assets and liabilities approximated fair value except for inventory, which had a fair value of $84,000, and buildings and equipment (net), which had a fair value of $165,000. Required a. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. Basic Consolidation Worksheet Police Corporation acquired 100 percent of Station Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Station's assets and liabilities were equal. Police uses the equity method in accounting for its investment in Station. Adjusted trial balances for Police and Station on December 31, 20X3, are as follows: Required a. Give all consolidation entries required on December 31, 20X3, to prepare consolidated financial statements. 21 Basic Consolidation Worksheet for Second Year Police Corporation acquired 100 percent of Station Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Station's assets and liabilities were equal. Police uses the equity method in accounting for its investment in Station. Adjusted trial balances for Police and Station on December 31, 20X4, are as follows: Required a. Give all consolidation entries required on December 31,20X4, to prepare consolidated financial statements