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Consolidated Balance Sheet Working Paper, Bargain Purchase On January 1,2022, Paxon Corporation acquired all of...

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Accounting

Consolidated Balance Sheet Working Paper, Bargain Purchase On January 1,2022, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for $2 billion cash. Paxon uses the complete equity method to report its investment. The trial balances of Paxon and Saxon at December 31,2022, are shown below: Dr(Cr)(in millions) Paxon Saxon Cash and receivables $3,050 $855 Inventory 2,260530 Equity method investments ---- Investment in Saxon 2,635-- Land 650300 Buildings and equipment (net)3,6001,150 Current liabilities (2,020)(1,200) Long-term debt (5,000)(450) Common stock, par value (500)(50) Additional paid-in capital (1,200)(200) Retained earnings, January 1(2,410)(600) Dividends 500250 Sales revenue (30,000)(12,000) Equity i

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