Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on june 10, 2018, playoff corporation acquired 100

On June 10, 2018, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized...

60.1K

Verified Solution

Question

Accounting

On June 10, 2018, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Playoff Corp. Series Company Item Book Value Fair Value Cash $ 15,000 $ 5,000 $ 5,000 Accounts Receivable 37,000 17,000 17,000 Inventory 91,000 25,000 30,000 Buildings & Equipment (net) 139,000 52,000 72,000 Investment in Series Stock 120,000 Total $ 402,000 $ 99,000 $ 124,000 Accounts Payable $ 24,000 $ 3,000 $ 3,000 Bonds Payable 146,000 21,000 21,000 Common Stock 37,000 18,000 Retained Earnings 195,000 57,000 Total $ 402,000 $ 99,000 $ 24,000

Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Image of heroin and its synaptic mechanism with endorphins as its neurotransmitter system

Chemistry
1.2K views

A 2.100×10−2 M solution of glycerol (C3H8O3) in water is at 20.0∘C. The sample was created...

Biology
1.2K views

To know what a peer-reviewed journal article covers, which of the following would you do?Look...

Physics
1.2K views

In gravitational interaction gravitational field 1 3 dv and potential V are related as I...

Geometry
1.2K views

B ZB 29 15 m A C 27 75 m

Statistics
1.2K views

10 candidates are running for president and vice president positions. What is the probability that...

Accounting
1.2K views

Bryanwood Company reports the following data: Percentage Change from 2022 to 2023...

Accounting
1.2K views

Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains...

Accounting
1.2K views

Current Attempt in Progress Calculate the missing statement of financial position amounts in each of...

Accounting
1.2K views

Please be fast solve as early as possible Using the latest observation in...

Accounting
1.2K views

El 1 de enero de 2017, McIlroy, Inc., adquiri una participacin del 60 por ciento...

Accounting
1.2K views

Calculating Cash flow from sale of equipment using T accounts. I have been stuck on...