Question

Pork Corporation acquired all the voting shares of Swine Enterprises on January 1, 20X4. Balance sheet...

Pork Corporation acquired all the voting shares of Swine Enterprises on January 1, 20X4. Balance sheet amounts for the companies on the date of acquisition were as follows:

Pork
Corporation
Swine
Enterprises
Cash & Receivables $ 55,000 $ 35,000
Inventory 114,000 55,000
Land 96,000 106,000
Buildings & Equipment 402,000 235,000
Investment in Swine Enterprises 294,000
Total Debits $ 961,000 $ 431,000
Accumulated Depreciation $ 157,000 $ 64,000
Accounts Payable 56,000 10,000
Notes Payable 85,000 137,000
Common Stock 289,000 85,000
Retained Earnings 374,000 135,000
Total Credits $ 961,000 $ 431,000


Swine Enterprises’ buildings and equipment were estimated to have a market value of $181,000 on January 1, 20X4. All other items appeared to have market values approximating current book values.

(Assume the company prepares the optional Accumulated Depreciation Elimination Entry.)

Required:
a. Complete the consolidated balance sheet worksheet for January 1, 20X4. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

b. Complete the Balance Sheet. (Amounts to be deducted should be indicated by a minus sign.)

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Answer #1

notes working Pouk Particulars Swine Consolidation Consolidata DX 55.000 (arch and recruebles Inventory land 90.000 35,000 55

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