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need A and B entries please Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20x2, for $207.000. Data from the
need A and B entries please
Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20x2, for $207.000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation $ 60,000 84,000 118.000 213,888 207,2e $682,00 Faith Corporation $ 34,00 46,020 64.000 164,000 Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders Equity $388,62 $ 75,000 141.000 99,000 368.000 $682,000 $ 24,80 77,28 52,ege 155,828 $388.000 At the date of the business combination, the book values of Feith's net assets and liabilities approximated feir value. Assume Feith Corporation's accumulated depreciation on buildings and equipment on the acquisition date was $23.000 Required: .. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits Event Credit 1 Debit 207,000 523,000 Accounts Common stock Retained earings Investment in Faith No journal entry required No journal entry required No journal entry required 730,000 Record entry Clear entry view consolidation entries Consolidation Worksheet EntriesStep by Step Solution
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