Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmin Corporation,on December 31,2014.Any excess fair value over the identified assets and liabilities is attributed to goodwill.The following year-end information was available just before the purchase:
Required:
1.Prepare Pool's consolidated balance sheet on December 31,2014.
Definitions:
Dominant Firm
A company with a substantial market share and the power to influence market conditions, often setting prices or standards within the industry.
Industry
Industry refers to a group of companies that operate in a similar segment of the economy or share a similar business type, often categorized by their primary business activities.
Just-In-Time
A production and inventory strategy where materials and products are delivered or manufactured just in time for use or sale, reducing storage costs.
Market Share
The segment of a market held by a certain company or product.
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