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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: Spark Body Shop $ 20, 300 29,500 55,600 299,000 Consolidated 61,300 197,500 284, 800 601,000 Item 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 Plug Motors $ 41,000 179,000 229, 200 302,000 150,000 $901, 200 $ 46, 400 384,000 200,000 270, 800 $901,200 $1, 144, 600 $404, 400 $ 57, 400 197,000 100,000 50,000 $404, 400 Required: 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? Ownership of Spark 100% b. Compute the consolidated totals for each of the remaining balance sheet items. Accounts Payable Notes Payable Common Stock Retained Earnings $ 0
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