Parent Corporation Paid $100,000 to Acquire All the Common SharesLiabilities and Shareholders' Equity: Using the Worksheet Provided

The Answer of Parent Corporation Paid $100,000 to Acquire All the Common SharesLiabilities and Shareholders' Equity: Using the Worksheet Provided

Parent Corporation Paid $100,000 to Acquire All the Common SharesLiabilities and Shareholders' Equity: Using the Worksheet Provided

The Answer of Parent Corporation Paid $100,000 to Acquire All the Common SharesLiabilities and Shareholders' Equity: Using the Worksheet Provided

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Parent Corporation Paid $100,000 to Acquire All the Common Shares

question 62

Essay

Parent Corporation paid $100,000 to acquire all the common shares of Subsidiary Inc.on December 31,2017.At that date,Parent Corporation also had an outstanding note payable to Subsidiary Inc.in the amount of $60,000.
Assume that Parent Corporation and Subsidiary Inc.had the following account balances at December 31,2017 (immediately after the investment):
$\begin{array}{llc}\text { Assets: } & \text { Parent } & \text { Subsidiary } \\& \text { Corporation } & \text { Inc. }\\\text { Cash } & \$ 10,000 & \$ 35,000 \\\text { Note receivable from Parent Corporation } & & 60,000 \\\text { Inventory } & 40,000 & 60,000 \\\text { Investment in Subsidiary Inc. } & 100,000 & \\\text { Other assets } & \underline{110,000} & \underline{75,000} \\\text { Total } & \$ 260,000 & \$ 230,000\end{array}$
Liabilities and shareholders' equity:
$Parent Corporation paid $100,000 to acquire all the common shares of Subsidiary Inc.on December 31,2017.At that date,Parent Corporation also had an outstanding note payable to Subsidiary Inc.in the amount of $60,000. Assume that Parent Corporation and Subsidiary Inc.had the following account balances at December 31,2017 (immediately after the investment): \begin{array}{llc} \text { Assets: } & \text { Parent } & \text { Subsidiary } \\ & \text { Corporation } & \text { Inc. }\\ \text { Cash } & \$ 10,000 & \$ 35,000 \\ \text { Note receivable from Parent Corporation } & & 60,000 \\ \text { Inventory } & 40,000 & 60,000 \\ \text { Investment in Subsidiary Inc. } & 100,000 & \\ \text { Other assets } & \underline{110,000} & \underline{75,000} \\ \text { Total } & \$ 260,000 & \$ 230,000 \end{array} Liabilities and shareholders' equity: Using the worksheet provided below calculate the Consolidated Amounts for December 31,2017.$ Using the worksheet provided below calculate the Consolidated Amounts for December 31,2017.
$Parent Corporation paid $100,000 to acquire all the common shares of Subsidiary Inc.on December 31,2017.At that date,Parent Corporation also had an outstanding note payable to Subsidiary Inc.in the amount of $60,000. Assume that Parent Corporation and Subsidiary Inc.had the following account balances at December 31,2017 (immediately after the investment): \begin{array}{llc} \text { Assets: } & \text { Parent } & \text { Subsidiary } \\ & \text { Corporation } & \text { Inc. }\\ \text { Cash } & \$ 10,000 & \$ 35,000 \\ \text { Note receivable from Parent Corporation } & & 60,000 \\ \text { Inventory } & 40,000 & 60,000 \\ \text { Investment in Subsidiary Inc. } & 100,000 & \\ \text { Other assets } & \underline{110,000} & \underline{75,000} \\ \text { Total } & \$ 260,000 & \$ 230,000 \end{array} Liabilities and shareholders' equity: Using the worksheet provided below calculate the Consolidated Amounts for December 31,2017.$

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