On January 1,20X4,Plimsol Company acquired 100 percent of Shipping Corporation's voting shares,at underlying book value.Plimsol accounts for its investment in Shipping at cost.Shipping's retained earnings was $75,000 on the date of acquisition.On December 31,20X4,the trial balance data for the two companies are as follows:
-Based on the information provided,what amount of total assets will be reported in the consolidated balance sheet prepared on December 31,20X4?
Definitions:
Jurisprudence
The study or theory of law aimed at understanding the origins, principles, and structures of legal systems and their impact on society.
Universal Truths
Fundamental concepts or facts that are considered true and apply in all situations and cultures.
Equitable Remedy
Legal remedies typically ordered by courts, such as injunctions or specific performance, that are based on fairness rather than strict legal rules.
Mutual Mistake
An error shared by all parties in a contract, which can render the agreement voidable if it significantly affects the contract's basis.
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