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need help getting the correct amounts Adams, Inc., acquires Clay Corporation on January 1, 2017, in exchange for $697,900 cash. Immediately after the acquisition, the

image text in transcribedimage text in transcribedneed help getting the correct amounts

Adams, Inc., acquires Clay Corporation on January 1, 2017, in exchange for $697,900 cash. Immediately after the acquisition, the two companies have the following account balances. Clay's equipment (with a five-year remaining life) is actually worth $633,200. Credit balances are indicated by parentheses Clay ams $ 324,000 697,900 811,200 292,000 Current assets Investment in Clay Equipment Liabilities Common stock Retained earnings, 1/1/17 554,000 (296,000) (236,000) (350,000) (150,000) (1,187,100) (460,000) In 2017, Clay earns a net income of $76,200 and declares and pays a $5,000 cash dividend. In 2017, Adams reports net income from its own operations (exclusive of any income from Clay) of $154,000 and declares no dividends. At the end of 2018, selected account balances for the two companies are as follows Clay 213,000 (531,200) (150,000) Adams $ (586,000) $(284,000) Revenues Expenses Investmentincome Retained earnings, 1/1/18 Dividends declared Common stock Current assets Investment in Clay Equipment Liabilities 424,850 Not given Not given 8,000 (350,000) 605, 000 362,200 Not given 719,200 (244,700) 584,300 (187,400)

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