On January 1, 2021, Paige Corporation purchased 100% of the outstanding stock of HomePage Company for

$250,000 cash. The balances listed on the Worksheet are the balances immediately after the purchase.

The fair market value of HomePage assets and liabilities on January 1, 2021 are as follows:

Current Assets $40,000

Land $50,000

Buildings $85,000

Equipment $50,000

Current Liabilities $(60,000)

Step 3 - Complete the Consolidated Worksheet for January 1, 2021
Spreadsheet - Worksheet					Debit (Credit)
	Balance Sheet- Janaury 1, 2021		Consolidation Entries			Consolidated Balance Sheet
	Paige	Homepage	Debit	JE Code	Credit
Current Assets	80,000	40,000				120,000
Investment - Homepage	250,000				250,000	-
Land	50,000	20,000				70,000
Building	125,000	80,000				205,000
Equipment	140,000	60,000				200,000
Goodwill
Total Assets	645,000	200,000
Current Liabilities	(75,000)	(60,000)
Paige - Capital Stock	(80,000)
Paige - Addl Paid in Cap	(60,000)
Paige - Retained Earnings	(430,000)
Homepage - Cap Stk		(50,000)
Homepage - Addl PIC		(20,000)
Homepage - RE		(70,000)
Total Liabilities & OE	(645,000)	(200,000)