Consolidated Balance Sheets Illustrative Problem Summer I 2009 Student Version

Consolidated Balance Sheets Illustrative Problem Summer I 2009 Student Version

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Consolidated Balance Sheets Summer I 2009 Illustrative Problem with Notes 1. Entries on Port's Books to record combination 2008 12/31 12/31 2. Acquisition Date Fair Value Allocation Schedule Fair value of combination Book value of Sort's net identifiable assets Excess of fair value over book value Allocation of fair value to book value differences: Inventories Equipment (net) Liabilities Goodwill 3. Consolidation Elimination Entries Elimination (1) Elimination (2) 4. Consolidated Balance Sheet Working Paper See Sheet 2
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Consolidated Balance Sheet Working Paper
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Unformatted text preview: Eliminations Port Sort Debit Credit Consolidated Cash and receivables 110,000 50,000 160,000 Inventories 90,000 60,000 (2) 150,000 Investment in Sort common 235,000 (1) 235,000 (2) Goodwill (2) Equipment (net) 200,000 90,000 _______ (2) 290,000 Total assets 635,000 200,000 835,000 Liabilities 90,000 20,000 (2) 110,000 Common stock 400,000 150,000 (1) 550,000 Retained earnings 145,000 30,000 (1) 175,000 Total equities 635,000 200,000 835,000 Elimination amounts are taken from Sheet1....
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This note was uploaded on 03/08/2012 for the course ACCT 401 taught by Professor Staff during the Summer '08 term at Texas A&M.

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Consolidated Balance Sheets Illustrative Problem Summer I 2009 Student Version

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