Need help on what I did wrong

• All accumulated amortization and depreciation accounts are adjusted to $0.
• Retained earnings should be adjusted to = $0. No, let me change that from "should be" to "must be."
• Income statement accounts were included. The closing process was completed, so those accounts can be ignored (they should be equal to $0 after the closing process). At the instant of acquisition, only the statement of financial position exists. (Almost sounds like we're talking astrophysics, doesn't it?)

B12 X x fox 85000000 ACCT 401, Advanced Accounting E Acquisition Assignment/Quiz 20 points for the Quiz Included on the next page is a listing of accounts and account balances for Subsidiary Company as of December 31, 2020. Note that the accounts are shown in financial statement format, not a trial balance. The closing process has already been completed, the statement of financial position accounts balance. (A-L + E) The financial statements of Subsidiary Company were audited and all adjustments necessary at the end of 2020 were recorded. Effective January 1, 2021, Subsidiary Company was acquired by Parent Company for $310 million in cash. Parent Company acquired all of the outstanding common stock of Subsidiary. And of course, the shares were purchased from existing sharcholders, not from Subsidiary Company. Make sure you understand that.) OP 1 Account Name 2 Cash 3 Accounts Receivables 4 Inventory 5 Prepaid Expenses 6 Notes Receivables 7 Land - 8 Buildings 9 Accum. depr Equip 10 Equipment 11 Acct Dep Equipment 12 Patents/Intangibles 13 Acct Dep Intangibles 14 Goodwill 15 Other non-current assets aan 16 Accounts Payable travarde 17 Accrued Expenses Payable 18 Income Tax Payable 19 Employee Benefit Payable 20 Long Term Debt Sungle De 21 Deferred Income Taxes 22 Pension & other liabilities 23 Common Stock 24 Additional Paid-up Capital 25 Retained Earnings 26 Total 27 28 D Balance Sheet Adjustments After Adjustments 10,000 10,000 750,000 (1,500) 748,500 1,200,000 650,000 1,850,000 50,000 50,000 150,000 2,500 152,500 2,500,000 3,000,000 5,500,000 38,000,000 12,000,000 50,000,000 (12,000,000) 125,000,000 146,000,000) 79,000,000 (31,000,000) 85,000,000 125,000,000 210,000,000 (65,000,000) 25,534,000 25,534,000 850,000 850,000 (90,000) (90,000) Tere 1230,000) con (230,000) Team (1,200,000) (1,200,000) Jewe Law.com (125,000) 350,000 225.000 22.00 (500,000) 4,500,000 4,000,000 (45,000,000) (45,000,000 (8,900,000) 2,800,000 (6,100,000) (15,000,000) (15,000,000) (21,000,000) (295,000,000) (53,465,000) 127,835,000 15,300,000 Appraisal experts and others were hired to assess all of the assets and liabilities of Subsidiary Company. Their findings are listed below: Accounts receivable should be reduced by $1,500 (time value of money adjustment). Inventory should be increased by $650.000 to reflect fair value. Notes receivable should be increased by $2,500. Land should be adjusted to reflect a total value of $5.500,000 Buildings should be adjusted to reflect a total value of S50,000,000. Equipment should be adjusted to reflect u total value of $79,000,000 Patents Intangibles should be adjusted to reflect a total value of S210,000,000, Employee benefits payable should be increased by S350,000. Long-term debt should be increased by S4,500,000 Pension and other liabilities should be increased by S2,800,000 . All other accounts reflect Pair value at the time of acquisition