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On January 1, Year 4, Palmer Company (Palmer) purchased 70% of the outstanding common shares...

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Accounting

On January 1, Year 4, Palmer Company (Palmer) purchased 70% of the outstanding common shares of Scott Limited (Scott) for $7,000. On that date, Scotts shareholders equity consisted of common shares of $260 and retained earnings of $4,600. The financial statements for Palmer and Scott for Year 9 were as follows: BALANCE SHEETS At December 31, Year 9 Palmer Scott Cash $ 1,350 $ 790 Accounts receivable 2,810 1,060 Inventory 3,410 2,590 Property, plant, and equipmentnet 4,350 3,020 Investment in

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