Prepare a consolidated balance sheet for Pop Corporation and Subsidiary at December 31, 2016. ...
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Accounting
Prepare a consolidated balance sheet for Pop Corporation and Subsidiary at December 31, 2016.
Adjusted trial balances for Pop and Son Corporations at December 31, 2016, are as follows (in thousands): Pop purchased all the stock of Son for $3,200,000 cash on January 1, 2016, when Son's stockholders' equity consisted of $400,000 capital stock and $720,000 retained earnings. Son's assets and liabilities were fairly valued except for inventory that was undervalued by $160,000 and sold in 2016 , and plant assets that were undervalued by $320,000 and had a remaining useful life of four years from the date of the acquisition
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