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On January 1.2021. Piglet Corporation purchased 80% of the common stock of Snoopy Co. for $392,000. Separate balance sheet data for the companies at the
On January 1.2021. Piglet Corporation purchased 80% of the common stock of Snoopy Co. for $392,000. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below: Cash Accounts Receivable Inventory Land Plant Assets Accumulated Depreciation Investment in Snoopy Total Assets Piglet Snoopy 34,000 206,000 144,000 26,000 132,000 38.000 68,000 32.000 700.000 300.000 1240,000 (60,000) 392.000 1.230,000 542.000 Accounts Payable 206.000 142.000 Capital Stock 800.000 300.000 Retained Earnings 224.000 100.000 Total Liabilities & SE 1.230,000 $42.000 At the date of the acquisition, the book values of Snoopy's net assets were equal to the fair value except for Snoopy's inventory, which had a far value of $60.000 book value is 38,0001. What is the total amount of consolidated assets at the date of acquisition (think of adding Pilet Snoopy - any necessary adjustments? $1.470.000 $1,402.000 $1.875,000 $1,380,000
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