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  3. 3. parent company acquired 100% of filia inc. on j

3. Parent Company acquired 100% of Filia Inc. on January 31, 20X2 in exchange for...

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Accounting

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3. Parent Company acquired 100% of Filia Inc. on January 31, 20X2 in exchange for cash. The book value of Filia's individual assets and liabilities approximated their acquisition date fair values. On the date of acquisition, Filia reported the following: $ 175,000 Current Liabilities $ 60,000 Cash Inventory 50,000 Plant Assets (net) 160,000 Common Stock 50,000 Property 250,000 Retained Earnings 525,000 Total Assets $ 635.000 Total Liabilities & Equity$ 635.000 What were the entries made by the parent when they acquired Filia? What entries will be made to produce consolidated financials? How would your answer to the above change if Parent paid an additional $25,000 to purchase Filia

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