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Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1,2022, for ...

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Accounting

Foxx Corporation acquired all of Greenburg Company's outstanding stock on January 1,2022, for
$600,000 cash. Greenburg's accounting records showed net assets on that date of $470,000 although
equipment with a 10-year life was undervalued on the records by $90,000. Any recognized goodwill
is considered to have an indefinite life.
Greenburg reports net income in 2022 of $90,000 and $100,000 in 2023. The subsidiary paid
dividends of $20,000 in each of these two years.
Requirement: Prepare the consolidation worksheet at December 31,2024.
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