proposed consolidation entry made 1 january 2019 and 31 desember 2019

Quiz 3 Keisuke Inc. acquired 60% of DefoeCorporation's outstanding common stock for $144,000, which is equal to 60% of the fair value of Defoe's net assets on January 1, 2019. The acquisition does not have any differential. The trial balances immediately after the acquisition are as follows: Keisuke Defoe Assets Current Assets 171,000 96,000 Land 105,000 24,000 Building (net of depreciation) 240,000 180,000 Investment in Defoe Corporation 144,000 Total Assets 660,000 300,000 Liabilities and Stockholders' Equity Current Payables Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity 60,000 120,000 300,000 180,000 660,000 60,000 60,000 120,000 60,000 300,000 Keisuke uses the equity method in accounting for its ownership of Defoe