Parrot Inc.acquired an 85% interest in Sparrow Corporation on January 2, 2011 for $42,500 cash when Sparrow had Capital Stock of $15,000 and Retained Earnings of $25,000.Sparrow's assets and liabilities had book values equal to their fair values except for inventory that was undervalued by $2,000.Balance sheets for Parrot and Sparrow on January 2, 2011, immediately after the business combination, are presented in the first two columns of the consolidated balance sheet working papers.
Required:
Complete the consolidation balance sheet working papers for Parrot and subsidiary at January 1, 2011.
Definitions:
Epigenesis
The control of genetic expression by both regulatory DNA and environmental factors.
Genetic Expression
The process by which information from a gene is used to synthesize functional gene products, such as proteins, which can influence an organism's traits.
Transcription
The complex chain of cellular processes that involves translating the code specified by a gene into the production of a protein. This series of biochemical events ultimately accounts for genetic expression or influence.
Translation
One step in a cell’s production of a protein, in which the cell “reads” the code represented in a strand of mRNA and creates a protoprotein based on that code.
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