Problem

Consolidated balance sheet workpapers with goodwill and dividendsPer Corporation paid $900...

Consolidated balance sheet workpapers with goodwill and dividends

Per Corporation paid $900,000 cash for 90 percent of Sim Corporation’s common stock on January 1, 2011, when Sim had $600,000 capital stock and $200,000 retained earnings. The book values of Sim’s assets and liabilities were equal to fair values. During 2011, Sim reported net income of $40,000 and declared $20,000 in dividends on December 31. Balance sheets for Per and Sim at December 31, 2011, are as follows (in thousands):

REQUIRED: Prepare consolidated balance sheet workpapers for Per Corporation and Subsidiary for December 31, 2011.

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Solutions For Problems in Chapter 3