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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
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: Iten Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Spark Body Shop Total Debits Accounts Payable Notes Payable Common Stock Retained Earnings Total Credits Required: Plug Motors Spark Body Shop $ 39,400 180,500 220,400 307,000 154,000 $ 901,300 $ 29,800 385,000 200,000 286,500 $ 20,400 29,500 52,400 290,000 $ 392,300 $ 41,300 197,000 100,000 54,000 $ 901,300 $192,300 Consolidated $ 59,800 198,500 272,800 597,000 $ 1,128,100 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 % S
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