Plug Motors accountant was called away after completing only half of the consolidated statements at...
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Accounting
Plug Motors accountant was called away after completing only half of the consolidated statements at the end of 20X4. The data left behind included the following:
Item
Plug Motors
Spark Body Shop
Consolidated
Cash
$ 40,900
$ 20,800
$ 61,700
Accounts Receivable
190,000
30,500
211,500
Inventory
226,000
48,800
274,800
Buildings and Equipment (net)
307,000
298,000
605,000
Investment in Spark Body Shop
149,000
Total Debits
$ 912,900
$ 398,100
$ 1,153,000
Accounts Payable
$ 47,100
$ 56,100
Notes Payable
398,000
193,000
Common Stock
200,000
100,000
Retained Earnings
267,800
49,000
Total Credits
$ 912,900
$ 398,100
Required:
Plug Motors acquired shares of Spark Body Shop at underlying book value on January 1, 20X1. What portion of the ownership of Spark Body Shop does Plug apparently hold?
Compute the consolidated totals for each of the remaining balance sheet items.
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