The Following Balance Sheets Have Been Prepared on December 31

question 13

Essay

The following balance sheets have been prepared on December 31, 2016 for Clarke Corp. and Jensen Inc.
Balance Sheets
Additional Information:
Clarke uses the cost method to account for its 50% interest in Jensen, which it acquired on January 1, 2013. On that date, Jensen's retained earnings were $20,000. The acquisition differential was fully amortized by the end of 2016.
Clarke sold Land to Jensen during 2015 and recorded a $15,000 gain on the sale. Clarke is still using this Land. Clarke's December 31, 2016 inventory contained a profit of $10,000 recorded by Jensen.
Jensen borrowed $20,000 from Clarke during 2016 interest-free. Jensen has not yet repaid any of its debt to Clarke.
Both companies are subject to a tax rate of 20%.
$\begin{array}{|l|l|l|} \hline& \text { Clarke } & \text { Jensen } \\\hline & & \\\hline \text { Cash } & \$ 30,000 & \$ 20,000 \\\hline \text { Imwentory } & \$ 70,000 & \$ 30,000 \\\hline\\\hline \text { Accounts Receivable } & \$ 180,000 & \$ 70,000 \\\hline \text { Imvestment in Jensen } & \$ 200,000 & \\\hline \text { Fixed Assets } & \$ 500,000 & \$ 90,000 \\\hline \text { Accumulated Depreciation } & \$ 280,000) & (\$ 30,000) \\\hline \text { Total Assets } & \$ 700,000 & \$ \mathbf{1 8 0 , 0 0 0} \\\hline \text { Current Liabilities } & \$ 120,000 & \$ 60,000 \\\hline \text { Long-Term Debt } & \$ 400,000 & \$ 20,000 \\\hline \text { Common Shares } & \$ 90,000 & \$ 40,000 \\\hline \text { Retained Earnings } & \$ 90,000 & \$ 60,000 \\\hline \text { Liabifities and Equity } & \$ 700,000 & \$ 180,000 \\\hline\end{array}$
-Prepare a Consolidated Balance Sheet for Clarke on December 31, 2016 assuming that Clarke's investment in Jensen is a control investment.

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Definitions:

Fetishism

A psychological condition where sexual arousal and gratification are linked to nonliving objects or specific, non-genital body parts.

Antisocial Personality Disorder

A mental disorder where a person consistently shows no regard for right and wrong and ignores the feelings and rights of others.

Personality Disorders

A group of mental disorders characterized by enduring maladaptive patterns of behavior, cognition, and inner experience, exhibited across many contexts and deviating from those accepted by the individual's culture.

Dependent Personality Disorder

A mental health condition characterized by an excessive need to be taken care of, leading to submissive and clinging behavior.