On December 31, 20X8, Parkway Corporation acquired 80 percent of Street 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 Street'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, Parkway reported accounts payable of $15,000 to Street, which reported an equal amount in its accounts receivable. Required: 1) Provide the consolidating entries needed to prepare a consolidated balance sheet immediately following the business combination. 2) Prepare a consolidated balance sheet worksheet. $120000 sach. At thas daic, the fair valoe of the nonconnoding inserest wa s30,000. The book valus of Scalar'v net nuseds at acquinition was $125,000. The hask valuci an! fair valane ef that pucdesill frem iss acquisitivn of Sealar shutes had bect impaired and the cretect cartyan Trial falance data fir Plane and Scalar oe Decenther 31. J0x9, ane as fothons: Required: 1) Provide all consolidating entries neoded to peepare a three-part contobdation workabeet as of December 31,209. 2) Prepare a threepart consolidation workshect for 209 in good form. On December 31, 20X8, Parkway Corporation acquired 80 percent of Street 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 Street'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, Parkway reported accounts payable of $15,000 to Street, which reported an equal amount in its accounts receivable. Required: 1) Provide the consolidating entries needed to prepare a consolidated balance sheet immediately following the business combination. 2) Prepare a consolidated balance sheet worksheet. $120000 sach. At thas daic, the fair valoe of the nonconnoding inserest wa s30,000. The book valus of Scalar'v net nuseds at acquinition was $125,000. The hask valuci an! fair valane ef that pucdesill frem iss acquisitivn of Sealar shutes had bect impaired and the cretect cartyan Trial falance data fir Plane and Scalar oe Decenther 31. J0x9, ane as fothons: Required: 1) Provide all consolidating entries neoded to peepare a three-part contobdation workabeet as of December 31,209. 2) Prepare a threepart consolidation workshect for 209 in good form
