Su2018 Acct 31 Insert Page Layout Formulas Data Review View Help Tell me what you Home Cut Copy File 9- et. Wrap Text General ?1 Times New Ro. | 12-7,-a" t Format Painter B 1 u.H.IO-A-1?????Merge & Center. $-56 , Numb Alignment Clpboard Font 37 Acct 310 Summer 2018 Homework assignment #1 On January 1, 20X2, Polly Corp. acquired 80% of the outstanding common shares of Sarn Inc. for 1,200,000 cash. Here are the statements of financial position of both companies SFP At January 1, 20X2 Polly Corp Sam Inc 110,000 S 140,000 110,000 2 Cash 3 Accounts and other receivables 4 Inventony 5 Buildings and equipment 65,000 100,000 55,000 640,000 (300,000) 180,000 1,500,000 (700,000) 7 Land 18 Investment in Sam 1,200,000 2,360,000 740,000 Accounts payable Notes payable Common shares 24 Retained earnings S200,000 S 60,000 ,800,000 300,000 2,360,000 100,000 240,000 150,000 250,000 740,000 27 Other information; Su2018 Acct 31 Insert Page Layout Formulas Data Review View Help Tell me what you Home Cut Copy File 9- et. Wrap Text General ?1 Times New Ro. | 12-7,-a" t Format Painter B 1 u.H.IO-A-1?????Merge & Center. $-56 , Numb Alignment Clpboard Font 37 Acct 310 Summer 2018 Homework assignment #1 On January 1, 20X2, Polly Corp. acquired 80% of the outstanding common shares of Sarn Inc. for 1,200,000 cash. Here are the statements of financial position of both companies SFP At January 1, 20X2 Polly Corp Sam Inc 110,000 S 140,000 110,000 2 Cash 3 Accounts and other receivables 4 Inventony 5 Buildings and equipment 65,000 100,000 55,000 640,000 (300,000) 180,000 1,500,000 (700,000) 7 Land 18 Investment in Sam 1,200,000 2,360,000 740,000 Accounts payable Notes payable Common shares 24 Retained earnings S200,000 S 60,000 ,800,000 300,000 2,360,000 100,000 240,000 150,000 250,000 740,000 27 Other information