On December 31, 20X8, P Corporation acquired 80 percent of S Company's common stock for $104,000 cash. The fair value of the noncontrolling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

On that date, the book values of S's assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and buildings and equipment, which had a fair value of $100,000. At December 31, 20X8, P reported accounts payable of $15,000 to S, which reported an equal amount in its accounts receivable.

Required:

Provide the consolidating entries needed to prepare a consolidated balance sheet immediately following the business combination.

Prepare a consolidated balance sheet worksheet.

Use Excel formulas to make or evidence each of your calculations of all dollar amounts. Do not enter any dollar amounts directly, unless it is unavoidable for obvious reasons. Use the tab function at the bottom of the Excel file to complete the assignment.

Prepare and submit one Excel spreadsheet for this assignment. Use the following naming convention for your file: MyNameCTA3Option2.

Requirements:

Show calculations for all questions.

Support the writing portion of the assignment (if applicable) with credible sources.

Use terms, evidence, and concepts from class readings, including professional business language.

Review the weeks CT Assignment grading rubric for more information on expectations and how you will be graded.

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Corp Company $ Cash 90,000 80,000 20,000 35,000 Accounts Receiva ble Inventory 100,000 40,000 300,000 (100,000) 40,000 60,000 Land Buildings and Equipment Less: Accumulated Depreciation 100,000 (40,000) Investment in S Company 104,000 $ $215,000 Total Assets 614,000 Accounts Payable Mortgage Payable 120,000 30,000 100,000 200,000 Common Stock 50,000 244,000 25,000 60,000 Retained Earnings $ 215,000 Total Liabilities and Equity $ 614,000 Corp Company $ Cash 90,000 80,000 20,000 35,000 Accounts Receivable Inventory 100,000 40,000 40,000 60,000 Land Buildings and Equipment Less: Accumulated Depreciation Investment in S Company 300,000 (100,000) 100,000 (40,000) 104,000 $ 215,000 $ Total Assets 614,000 Accounts Payable 120,000 30,000 100,000 Mortgage Payable 200,000 Common Stock 50,000 244,000 25,000 60,000 Retained Earnings Total Liabilities and Equity $ $215,000 614,000