ultiple-Choice Questions on Balance Sheet Consolidation Power C 20X2. orporation acquired 70 percent of Silk Corporation's common stock on December 31 Balance sheet data for the two companies immediately following the acquisition follow: LO 5-2 E5-8 M Silk Power Corporation Corporation Item Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Silk Corporation Stock Total Assets $ 30,000 45,000 70,000 25,000 400,000 (223,000)(165,000) 44,000 110,000 130,000 80,000 500,000 150,500 $791,500 $405,000 Accounts Payable $ 61,500$28,000 37,000 200,000 50,000 90,000 $ 791,500$405,000 Taxes Payable 95,000 280,000 150,000 205,000 Bonds Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity