Popcorn Corporation & Subsidiary
Consolidated Balance Sheet Workpaper for the year ended 12/31/X3
			Eliminations
	Popcorn	Salt	Debits	Credits	Consolidated
Assets:
Other Assets	318,000	100,000
Inventory	100,000	50,000
Land	500,000	100,000
Buildings-net	1,500,000	580,000
Investment in Salt	658,800
Dividends Receivable	24,000
Advance Receivable from P		10,000
Total Assets	3,100,800	840,000
Liabilities & Equity:
Other Liabilities (includes notes pay)	500,000	160,000
Dividends Payable		30,000
Advance Payable to Salt	10,000
Capital Stock	2,000,000	400,000
Retained Earnings	590,800	250,000
Total Liabilities and Equity	3,100,800	840,000
Debit/Credit elimination columns must be totalled and they should be equal

Please complete the balance sheet

POPCORN Corporation acquired an 80 % interest in the outstanding stock of SALT Corporation for $520,000 on 1/1/X1. At this time, the stockholders' equity of SALT consisted of $400,000 of capital stock and $50,000 of retained earnings. The following table represents only those assets and liabilities of Salt which had book values different than their fair values at the date of acquisition: Book Value Inventory $ 20,000 Land 30,000 Fair Value $ 15,000 Sold X1 40,000 Still owned 50,000 Remaining life 5 years (40,000) Matures on 12/31/X4 Buildings 10,000 Notes Payable (50,000) Comparative Balance Sheets for POPCORN and SALT AT 12/31/X3 are presented here: Popcorn Salt Assets: Other Assets Inventory Land Buildings-net Investment in Salt Dividends Receivable Advance Receivable from P $318,000 100,000 500,000 1,500,000 $100,000 50,000 100,000 580,000 658,800 24,000 10.000 Total Assets $3,100,800 $840,000 $500,000 $160,000 Liabilities & Equity: Other Liabilities (includes notes pay) Dividends Payable Advance Payable to Salt 30,000 10,000 Capital Stock 2,000,000 400,000 Retained Earnings 590,800 250,000 Total Liabilities and Equity $3,100,800 $840,000 POPCORN Corporation acquired an 80 % interest in the outstanding stock of SALT Corporation for $520,000 on 1/1/X1. At this time, the stockholders' equity of SALT consisted of $400,000 of capital stock and $50,000 of retained earnings. The following table represents only those assets and liabilities of Salt which had book values different than their fair values at the date of acquisition: Book Value Inventory $ 20,000 Land 30,000 Fair Value $ 15,000 Sold X1 40,000 Still owned 50,000 Remaining life 5 years (40,000) Matures on 12/31/X4 Buildings 10,000 Notes Payable (50,000) Comparative Balance Sheets for POPCORN and SALT AT 12/31/X3 are presented here: Popcorn Salt Assets: Other Assets Inventory Land Buildings-net Investment in Salt Dividends Receivable Advance Receivable from P $318,000 100,000 500,000 1,500,000 $100,000 50,000 100,000 580,000 658,800 24,000 10.000 Total Assets $3,100,800 $840,000 $500,000 $160,000 Liabilities & Equity: Other Liabilities (includes notes pay) Dividends Payable Advance Payable to Salt 30,000 10,000 Capital Stock 2,000,000 400,000 Retained Earnings 590,800 250,000 Total Liabilities and Equity $3,100,800 $840,000