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P4-36 Comprehensive Problem: Differential Apportionment Prince Corporation acquired 100 percent of Sword Company...

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Accounting

P4-36 Comprehensive Problem: Differential Apportionment
Prince Corporation acquired 100 percent of Sword Company on January 1,20X7, for $203,000. The trial balances for the two companies on December 31,20X7, included the following amounts:
\table[[Item,Prince Corporation,Sword Company],[Debit,Credit,Debit,Credit],[Cash,$82,000,,$25,000,],[Accounts Receivable,50,000,,55,000,],[Inventory,170,000,,100,000,],[Land,80,000,,20,000,],[Buildings & Equipment,500,000,,150,000,],[Investment in Sword Company,240,000,,,],[Cost of Goods Sold,500,000,,250,000,],[Depreciation Expense,25,000,,15,000,],[Other Expenses,75,000,,75,000,],[Dividends Declared,50,000,,20,000,],[Accumulated Depreciation,,$155,000,,$75,000
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