The Hamilton Company acquired 100 percent of the stock of Hudson Company on January 1,2010,for $308,000 cash.Summarized balance sheet data for the companies on December 31,2009,are as follows:
The book values of Hudson's assets and liabilities are equal to their fair values,except as indicated.On January 1,2010,Hudson owed Hamilton $14,000 on account.
Required: Prepare a consolidated balance sheet immediately following the acquisition.
Definitions:
Copper
A reddish-brown metallic element that is ductile and malleable, widely used in electrical wiring, plumbing, and the creation of alloys.
Eudicot Root
The root system of a eudicotyledonous plant, characterized by a main taproot with branching lateral roots.
Pith
The soft or spongy tissue in the center of stems in vascular plants, involved in storage and transport of nutrients.
Cortex
The outer layer of an organ or structure, such as the cerebral cortex of the brain or the cortex of the kidney, involved in various functions depending on the organ.
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