Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

Sor Corporations

Prepare a consolidated balance sheet one year after acquisition

Adjusted trial balances for Pal and Sor Corporations at December 31, 2011, are as follows (in thousands):

 

Pal

Sor

Debits

$ 480

$ 200

Current assets

1,000

600

Plant assets—net

840

—

Investment in Sor

600

600

Cost of sales

200

100

Other expenses

100

—

Dividends

$3,220

$1,500

Credits

$ 900

$ 420

Liabilities

600

100

Capital stock

680

180

Retained earnings

1,000

800

Sales

40

—

Income from Sor

$3,220

$1,500

Pal purchased all the stock of Sor for $800,000 cash on January 1, 2011, when Sor’s stockholders’ equity consisted of $100,000 capital stock and $180,000 retained earnings. Sor’s assets and liabilities were fairly valued except for inventory that was undervalued by $40,000 and sold in 2011, and plant assets that were undervalued by $80,000 and had a remaining useful life of four years from the date of the acquisition.

REQUIRED: Prepare a consolidated balance sheet for Pal Corporation and Subsidiary at December 31, 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 12:09 PM My Price 7.00

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