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  3. p company holds 100 percent of the common stock of

P Company holds 100 percent of the common stock of 5 Company, an investment acquired...

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Accounting

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P Company holds 100 percent of the common stock of 5 Company, an investment acquired for $700,000. Immediately following the combination, P's net assets have a book value of $1,230,000 and a fair value of $1,450,000. The book value and the fair value of S's net assets on the date of combination are $450,000 and $580,000, respectively. Immediately following the combination, a consolidated balance sheet is prepared. Based on the information given above, what will be the amount of net assets reported in the consolidated balance sheet, prepared immediately following the combination

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