Pint Enterprises acquired 100 percent of Saloon Builders stock on December 31, 20X4. Balance sheet...
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Accounting
Pint Enterprises acquired 100 percent of Saloon Builders stock on December 31, 20X4. Balance sheet data for Pint and Saloon on January 1, 20X5, are as follows:
Pint Enterprises
Saloon Builders
Cash and Receivables
$ 80,000
$ 47,000
Inventory
165,000
361,000
Buildings and Equipment (net)
446,000
85,000
Investment in Saloon Builders
220,000
Total Assets
$ 911,000
$ 493,000
Current Liabilities
$ 84,000
$ 94,000
Long-Term Debt
382,000
199,000
Common Stock
189,000
131,000
Retained Earnings
256,000
69,000
Total Liabilities and Stockholders Equity
$ 911,000
$ 493,000
At the date of the business combination, Saloons cash and receivables had a fair value of $45,000, inventory had a fair value of $368,000, and buildings and equipment had a fair value of $100,000.
Required:
Prepare all consolidating entries needed to prepare a consolidated balance sheet on January 1, 20X5.
Complete a consolidated balance sheet worksheet.
Prepare a consolidated balance sheet.
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