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Plug Motors' accountant was called away after completing only half of the consolidated statements at the end of 20X4. The data left behind included the
Plug Motors' accountant was called away after completing only half of the consolidated statements at the end of 20X4. The data left behind included the following: Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Spark Body Shop Total Debits Accounts Payable Notes Payable Common Stock Retained Earnings Plug Motors Spark Body Shop $ 39,300 178,500 223,600 298,000 147,000 $ 886,400 $ 38,600 385,000 190,000 272,800 $ 19,300 28,500 56,800 288,000 Consolidated $ 58,600 196,000 280,400 586,000 $ 392,600 $ 1,121,000 $ 49,600 196,000 100,000 47,000 Total Credits Required: $ 886,400 $ 392,600 a. Plug Motors acquired shares of Spark Body Shop at underlying book value on January 1, 20X1. What portion of the ownership of Spark Body Shop does Plug apparently hold? b. Compute the consolidated totals for each of the remaining balance sheet Items. a. Ownership of Spark b. Accounts Payable b. Notes Payable b. Common Stock b. Retained Earnings $ 0 %
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