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The fair value of Sneed Company’s assets and liabilities
The fair value of Sneed Company- assets and liabilities On January 2, 2013, Parr Company purchased 100% of the common stock of Sneed Company for $420,000. The fair value of Sneed Company- assets and liabilities are equal to their book values except that land has a fair value of $120,000 and building have a fair value of $260,000. Instructions (a) Complete the worksheet below for preparing a consolidated balance sheet. You may add accounts to the worksheet if necessary. (b) Prepare a consolidated balance sheet for Parr Company and Subsidiary on January 2, 2013. PARR COMPANY ANDSUBSIDIARY Worksheet-Consolidated Balance Sheet January 2, 2013 (Acquisition Date) Assets Parr Company Sneed Company Eliminations Consolidated Data Debits Credits Current assets $30,000 $40,000 Investment in Sneed common stock 420,000 Land 50,000 80,000 Buildings (net) 150,000 170,000 Totals 650,000 290,000 Liabilities and Stockholders’ Equity Current liabilities 40,000 30,000 Common stock-Parr 370,000 Common stock-Sneed 200,000 Retained earnings-Parr 240,000 Retained earnings-Sneed 60,000 Total 650,000 290,000 Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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25 Mar 2016
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The fair value of Sneed Company’s assets and liabilities
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