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On January 1, 20X3, P Corporation reported total assets of $464,000, liabilities of $276,000, and stockholders' equity of $188,000. At that date, S Corporation reported
On January 1, 20X3, P Corporation reported total assets of $464,000, liabilities of $276,000, and stockholders' equity of $188,000. At that date, S Corporation reported total assets of $182,000, liabilities of $132,000, and stockholders' equity of $50,000. Following lengthy negotiations, P Corp paid S Corp's existing shareholders $37,500 in cash for 75 percent of the voting common shares of S Corp. Required: Immediately after P Corp purchased the S Corp shares a. What amount of total assets did P Corm report in its individual balance sheet? b. What amount of total assets was reported in the consolidated balance sheet? c. What amount of total liabilities was reported in the consolidated balance sheet? d. What amount of stockholders' equity was reported in the consolidated balance sheet
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