Answered step by step
Verified Expert Solution
Question
1 Approved Answer
urgent please Plant Company acquired all of Sprout Corporation's stock on January 1, 20X6 for $150,000 cash On December 31, 20X8. the trial balances of
urgent please
Plant Company acquired all of Sprout Corporation's stock on January 1, 20X6 for $150,000 cash On December 31, 20X8. the trial balances of the two companies were as follows: Cash Accounts Receivable Land Buildings and Equipment Investment in Sprout Corp. Cost of Services provided Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Taxes Payable Notes Payable Common Stock Retained Earnings Service Revenue Income from Subsidiary Plant Company Sprout Corporation Debit Credit Debit Credit 5 ne, eee $ 58,00 97, eee 55,000 Be,000 45,000 308,880 200,000 130,00 110,000 755 Ben se, ee 28. Bee 70,00 35,888 40,000 20,000 $ 180,000 Stee.ee 42,000 18, cee 20,000 20,000 75,00 50,00 10. eee 50,000 265.ee 90,00 300, eae 180, 45,000 $1,027,000 $1,022,000 $50,000 $509,000 Sprout Corporation reported retained earnings of $75,000 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of five years from the date of acquisition At December 31, 20x8, Sprout owed Plant $4,000 for services provided Based on the preceding information, what amount will be reported as total assets in the consolidated balance sheet for 20x8? Multiple Choice ToStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started