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On February 1,2024, Coronado Company purchased 95% of the outstanding common stock of Jennifer Company and 85% of the outstanding common stock of David Company. Immediately before the two atquisitions, balance sheets of the three companies were as follows: Thefollowing additional information is rilevant. 1. Oneweek before the acquisitions, Coronada Companv had advanced 512,000 to Jennifer Company and $4,400 to Dawid Company. Jennifer Company recurded an increase to Accounts payable for its advance but David Company had not recorded the transaction. 2. On the date of acquisition, Coronado Company owed Jennifer Company $12,400 for purchases co account, and David Company awed Coronado Company $4,100 and Jennifer Company $5,500 for such furchases. The goods purch thed tud all been sold to outside parties prior to acuuisition. 3. Corcnado Company exchanged 13,300 shares of its common stod with a tair value of $22 por share for 955 of the cutatanding as apurchase. 4. Coronado Company paid $51,000 cash for the 85% interest in David Company One week before the acquisitions, Coronado Company had advanced $12,000 to Jennifer Company and $4,400 to David Company. Jennifer Company recorded an increase to Accounts Payable for its advance, but David Company had not recorded the transaction. 2. On the date of acquisition, Coronado Company owed Jennifer Company $12,400 for purchases on account, and David Company owed Coronado Company $4,100 and Jennifer Company $5,500 for such purchases. The goods purchased had all been sold to outside parties prior to acquisition. 3. Coronado Company exchanged 13,300 shares of its common stock with a fair value of $12 per share for 95% of the outstanding common stock of Jennifer Company. In addition, stock issue fees of \$4,500 were paid in cash. The acquisition was accounted for as a purchase. 4. Coronado Company paid $51,000 cash for the 85% interest in David Company. 5. 3,500 dollars of Jennifer Company's notes payable and $10,200 of David Company's notes payable were payable to Coranado Company. 6. Assume that for Jennifer, any difference between bock value and the value implied by the purchase price relates to subsidiary land. However, for David, assume that any excess of book value over the value irplied by the purchase price is due to overvalued buildings. Coronado Company \& Subsidiaries Consolidated Balance Sheet Wo Prepare a consolidated balance sheet workpaper immediately after acquisition. (Round answers to 0 decimal places, es 125. . Question 4 of 6 Advances to David Company Land Buildings (net) Equipment (net) Total Assets Accounts Payable Income Taxes Payable Notes Payable Bonds Payable Common Stod: Coronado Company Jennifer Company David Company 4,400 258,00046,00020,000 120,00026,00015,900 30,000$947,60038,000$200,80014,000$23,100$,90011,200$99,100 32,30010,700 7,000 11,200 100,000 433,000 148,000 44,000 Other Contributed Capital: Notes Payable Bonds Payable Common Stock: Coronado Company Jennifer Company David Company Other Contributed Capital: Coronado Company Jennifer Company David Company Retained Earnings Coronado Company Jennifer Company David Company Noncontrolling Interest 100,000 7,00011,200 433,000 143,000 44,000 172,100 12,500 38,000 180,200 4.500 (5,300) Question 4 of 6 Jennifer Company 19 David Company 38,000 Retained Earnings Coronado Company 180,200 Jennifer Company 4.500 David Company (5,300) Noncontrolling Interest. Total Liabilities and Equity List of Accounts Save for Later Attempts: o of 2 used Subinit Answe Prepare a consolidated balance sheet at the date of acquisition for Coronado Company and its subsidiaries. (Round answers ta 0 Liabilities and Stockholders' Equity On February 1,2024, Coronado Company purchased 95% of the outstanding common stock of Jennifer Company and 85% of the outstanding common stock of David Company. Immediately before the two atquisitions, balance sheets of the three companies were as follows: Thefollowing additional information is rilevant. 1. Oneweek before the acquisitions, Coronada Companv had advanced 512,000 to Jennifer Company and $4,400 to Dawid Company. Jennifer Company recurded an increase to Accounts payable for its advance but David Company had not recorded the transaction. 2. On the date of acquisition, Coronado Company owed Jennifer Company $12,400 for purchases co account, and David Company awed Coronado Company $4,100 and Jennifer Company $5,500 for such furchases. The goods purch thed tud all been sold to outside parties prior to acuuisition. 3. Corcnado Company exchanged 13,300 shares of its common stod with a tair value of $22 por share for 955 of the cutatanding as apurchase. 4. Coronado Company paid $51,000 cash for the 85% interest in David Company One week before the acquisitions, Coronado Company had advanced $12,000 to Jennifer Company and $4,400 to David Company. Jennifer Company recorded an increase to Accounts Payable for its advance, but David Company had not recorded the transaction. 2. On the date of acquisition, Coronado Company owed Jennifer Company $12,400 for purchases on account, and David Company owed Coronado Company $4,100 and Jennifer Company $5,500 for such purchases. The goods purchased had all been sold to outside parties prior to acquisition. 3. Coronado Company exchanged 13,300 shares of its common stock with a fair value of $12 per share for 95% of the outstanding common stock of Jennifer Company. In addition, stock issue fees of \$4,500 were paid in cash. The acquisition was accounted for as a purchase. 4. Coronado Company paid $51,000 cash for the 85% interest in David Company. 5. 3,500 dollars of Jennifer Company's notes payable and $10,200 of David Company's notes payable were payable to Coranado Company. 6. Assume that for Jennifer, any difference between bock value and the value implied by the purchase price relates to subsidiary land. However, for David, assume that any excess of book value over the value irplied by the purchase price is due to overvalued buildings. Coronado Company \& Subsidiaries Consolidated Balance Sheet Wo Prepare a consolidated balance sheet workpaper immediately after acquisition. (Round answers to 0 decimal places, es 125. . Question 4 of 6 Advances to David Company Land Buildings (net) Equipment (net) Total Assets Accounts Payable Income Taxes Payable Notes Payable Bonds Payable Common Stod: Coronado Company Jennifer Company David Company 4,400 258,00046,00020,000 120,00026,00015,900 30,000$947,60038,000$200,80014,000$23,100$,90011,200$99,100 32,30010,700 7,000 11,200 100,000 433,000 148,000 44,000 Other Contributed Capital: Notes Payable Bonds Payable Common Stock: Coronado Company Jennifer Company David Company Other Contributed Capital: Coronado Company Jennifer Company David Company Retained Earnings Coronado Company Jennifer Company David Company Noncontrolling Interest 100,000 7,00011,200 433,000 143,000 44,000 172,100 12,500 38,000 180,200 4.500 (5,300) Question 4 of 6 Jennifer Company 19 David Company 38,000 Retained Earnings Coronado Company 180,200 Jennifer Company 4.500 David Company (5,300) Noncontrolling Interest. Total Liabilities and Equity List of Accounts Save for Later Attempts: o of 2 used Subinit Answe Prepare a consolidated balance sheet at the date of acquisition for Coronado Company and its subsidiaries. (Round answers ta 0 Liabilities and Stockholders' Equity

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