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  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...

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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

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