XYZ, Inc., owns Cressida Corp. The two companies individual balance sheets follow: Requirements 1. Prepare a consolidated

XYZ, Inc., owns Cressida Corp. The two companies’ individual balance sheets follow:

Requirements
1. Prepare a consolidated balance sheet of XYZ, Inc. It is sufficient to complete the consolidation work sheet.
2. What is the amount of stockholders equity for the consolidatedentity?

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XYZ, Inc. Consolidation Work Sheet Elimination XYZ, Inc. Cressida Corp. DebiCredit Assets 1,000 18,000 58,000 40,000 81,000 Accounts receivable, net Note receivable from XYZ.. Inventory Investment in Cressida Plant assets, net Other a Total 85,000 57,000 103,000 291,000 22,000 $609,000 96,000 9,000 302,000 Liabilities and Stockholders' Equity Accounts payable Notes payable Other liabilities Common stock Retained Total S 46,000 29,000 35,000 135,000 81,000 147,000 79,000 113,000 224,000 $609,000 $302,000