Allocation schedule for fair value/book value differential and consolidated balance sheet at acquisition
Par Corporation acquired 70 percent of the outstanding common stock of Set Corporation on January 1, 2011, for $350,000 cash. Immediately after this acquisition the balance sheet information for the two companies was as follows (in thousands):
REQUIRED
1. Prepare a schedule to allocate the difference between the fair value of the investment in Set and the book value of the interest to identifiable and unidentifiable net assets.
2. Prepare a consolidated balance sheet for Par Corporation and Subsidiary at January 1, 2011.
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