80.2K

Verified Solution

Link Copied!

Current liabilities $240,000 5130,000 Long Term Debt 5260,000 $50,000 Common Stock $200,000 $40,000 Additional Paldin Capital $200.000 $20,000 Retained Earnings $300,000 $60,000 Total Liabilities and Equity $1,200,00 $300,00 Complete the following working paper for consolidated balance sheet of Phoenix Corporation and subsidiary after preparing working paper elimination in journal entry format. Use the acquisition method. Working Paper for Consolidated Balance Sheet, May 31, 2021 Eliminations Phoenix Green Increase Consolidated Assets Corporation Company (Decrease) Balances Inventories 180,000 120,000 Other current assets 60,000 40,000 Investment in Green Company common stock 500,000 plant assets (net) 460,000 140,000 Goodwill 0 Total assets 1.200.000 300.000 Liabilities Stockholders' Equity Current abilities 240,000 130.000 Long-term debt 260,000 50,000 Common stock, 31 par 200,000 40,000 Additional paid in capital 200.000 20,000 Retained earnings 300.000 60.000 Tota labilities & stockholders equity 1.200.000 300.000 You need to show your calculation of GW, provide the journal entries and provide the working Paper elimination before you complete the worksheet BI38 Comodated worksheet xlsx on May 31, 2021, Phoenix Corporation paid $500,000 for 100% of the outstanding common stock of Green Company, which became a subsidiary Differences between current fair values and carrying amounts of identifiable net assets of Green Company on May 31, 2021, were limited to the following Carrying Fale Amounts Values Differences Inventories 3120,000 5150,000 $30,000 Planiassets in $140,000 $250,000 $110,000 Long Term Debt 350,000 540,000 510.000 W May 21, 2021 the following financial information is available for consolidation Phoenix Green Inventories 5180,000 3120,000 Other Current Assets 560,000 540,000 Investment in Green Company 3500.000 30 Pune 1460.000 $140,000 Total Assets $1,200,000 $300,000 Care es $240,000 5130,000 Long Term Det $260,000 350,000 Common Stock $200,000 $40,000 Aditional Paldin Capital 5200,000 $20,000 Metained Warring 3300.000 160.000 Total Libilities and quity $1,200,00 5300,00 complete the following working paper for conscidated balance sheet of Phoenix Corporation and subsidiary after preparing working paper elimination in Journal entry format. Use the acquisition method Working Paper for Consolidated Balance Sheet May 31, 2021 Eliminations Phoenix Green Increase Consolidated Assets Corporation Company (Decrease) Balances inventores 180.000 120,000 Other currentes 60.000 40.000 investment in Green Company common stock 500.000 Pantone 460,000 140.000

Answer & Explanation Solved by verified expert

See Answer