Question
On January 1, 20X3, Guild Corporation reported total assets of $478,000, liabilities of $264,000, and stockholders equity of $214,000. At that date, Bristol Corporation reported
On January 1, 20X3, Guild Corporation reported total assets of $478,000, liabilities of $264,000, and stockholders equity of $214,000. At that date, Bristol Corporation reported total assets of $195,000, liabilities of $130,000, and stockholders equity of $65,000. Following lengthy negotiations, Guild paid Bristols existing shareholders $55,250 in cash for 85 percent of the voting common shares of Bristol.
A-what amount of total assets did Guild report in its individual balance sheet?
b-what amount of total assets was reported in the consolidated balance sheet?
c-what amount of total liabilties was reported in the consolidated balance sheet?
d- what amount of stockholders' equity was reported in the consolidated balance sheet?
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