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:
Second-Level Outcome
An effect or result that is one step removed from the immediate outcome, often referring to the longer-term or indirect effects.
Valence
The intrinsic attractiveness or aversiveness of an event, object, or situation, often influencing people's choices and behaviors.
Expectancy Model
A psychological theory stating that an individual's motivation is related to their expectation of achieving a desired performance level and the value of the associated reward.
Communication Competency
The ability to effectively convey, receive, and interpret messages and information through verbal and non-verbal means.
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