Question
The separate entity and consolidated balance sheets of Bernard Ltd. on December 31, Year 2, just after the transaction described below, were as follows: Separate
The separate entity and consolidated balance sheets of Bernard Ltd. on December 31, Year 2, just after the transaction described below, were as follows: Separate Entity Consolidated Cash and receivables $ 99,861 $ 180,173 Inventory 195,439 226,399 Investment in Kamloops 211,136 Property and equipment (net) 718,984 941,813 Goodwill 0 97,860 $1,225,420 $1,446,245 Current liabilities $ 209,704 $ 311,276 Long-term debt 291,735 410,992 Common shares 423,689 423,689 Retained earnings (deficit) 300,292 300,288 $1,225,420 $1,446,245 On December 31, Year 2, Bernard purchased 100% of Kamloops Inc.s common shares for $211,136 in cash. Coincidentally, the carrying amounts of Kamloops assets and liabilities were equal to fair value. Kamloops reported goodwill of nil and common shares of $137,095 at the date of acquisition. Required: Prepare Kamloops separate entity balance sheet at December 31, Year 2. Plug retained earnings to balance the balance sheet. (Leave no cells blank - be certain to enter "0" wherever required. Omit $ sign in your response. Negative amounts should be indicated by a minus sign.) Kamloops Inc.s Separate Entity Balance Sheet at December 31, Year 2 Cash and receivables $ Inventory Property and equipment (net) $
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