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balance sheet for Pine Company and Subsidiary

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balance sheet for Pine Company and Subsidiary On January 2, 2013, Pine Company purchased 100% of the outstanding common shares of Seely Company for $520,000. Any excess of cost over the book value of the net assets of Seely Company should first be allocated to Land $55,000, and Buildings $40,000 and any remainder to goodwill. Instructions (a) Complete the following worksheet below for preparing a consolidated balance sheet on the date of acquisition. You may add accounts to the worksheet that may be necessary. (b) Prepare a consolidated balance sheet for Pine Company and Subsidiary on January 2, 2013. PINE COMPANY ANDSUBSIDIARY Worksheet–Consolidated Balance Sheet January 2, 2013 (Acquisition Date) Assets Pine Company Seely Company Eliminations Consolidated Data Debits Credits Current assets 120,000 $70,000 Investment in Sneed common stock 520,000 Land 20,000 150,000 Buildings (net) 150,000 250,000 Totals 810,000 470,000 Liabilities and Stockholders’ Equity Current liabilities 60,000 70,000 Common stock–Pine 500,000 Common stock–Seely 270,000 Retained earnings–Pine 250,000 Retained earnings–Seely 130,000 Total 810,000 470,000 Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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