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Peace Computer Corporation acquired 75 percent of Symbol Software Company's stock on January 2, 20X3, by issuing bonds with a par value of $64,250
Peace Computer Corporation acquired 75 percent of Symbol Software Company's stock on January 2, 20X3, by issuing bonds with a par value of $64,250 and a fair value of $81,750 in exchange for the shares. Summarized balance sheet data presented for the companies just before the acquisition follow Symbol Software Company Peace Computer Corporation Fair Value! Book Value 405,000 $ 63,000 121,000 95,000 $ 184,000 $75,000 Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Book Value $ 200,000 405,000 $ 605,000 $ 95,000 287,000 223,000 $ 200,000 63,000 46,000 Fair Value $ 63,000 121,000 75,000 Total Credits Required: $ 605,000 $ 184,000 Prepare a consolidated balance sheet immediately following the acquisition. PEACE COMPUTER CORPORATION AND SUBSIDIARY Consolidated Balance Sheet January 2, 20X3 Assets Cash other Other assets Liabilities and Stockholders' Equity $ 0 Total Liabilities and Stockholders' Equity $ 0
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