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The consolidate balance sheet of Pawn and Sox at December 31, 2016, will show a. non-controlling interest, $65,000 b capital stock, $800,000 c. investment in
The consolidate balance sheet of Pawn and Sox at December 31, 2016, will show
a. non-controlling interest, $65,000
b capital stock, $800,000
c. investment in Sioux, $558,000
d. retained earnings, $1,078,000
Question Balance sheet information for Pawn Company and its 90%-owned subsidiary, Sox Corporation, at December 31, 20X1, is summarized as follows: Current assets-net Property, plant, and equipment-net Investment in Sox Pawn $ 200,000 1,000,000 558,000 $1,758,000 Sox 50,000 600,000 $650,000 Current liabilities Capital stock Retained earnings $ 100,000 800,000 858,000 $1,758,000 30,000 400,000 220,000 $650,000 Pawn acquired its interest in Sox for cash at book value several years ago when Sox's assets and liabilities were equal to their fair valuesStep by Step Solution
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