Thanm you! Parnt Company acquired goh of Son Incomorate on...
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Accounting
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Parnt Company acquired goh of Son Incomorate on January 31, 20X2 in exchange for cash. The book value of Son's individual assets and liabilitis approximated their acquiaitian-dato fair values. On the date of acquisition, Son reported the following: \begin{tabular}{|c|c|} \hline CaahInventory & 350,000100,000 \\ \hline PlantAanetil(not)Property & 720,000500,000 \\ \hline Total Nsaota & $1.270,000 \\ \hline \end{tabular} current Labilitias Common stock Fetained Earnings Total Liabilitios and lifguity 5. 120,000 100,000 3,1,270,0001,050,000 31,270,0001,050,000 During the yesr Son Incorporale reported $310,000 in net income and declared $15,000 in dividends. Parent Company reported $520,000 in net incorne and declared $25,000 in dividends. Parent aceptnts for their irvestment using the equity method If Parent were to propare a consolidated balanee sheet on the acquisition date (January 31,202 ), what is the basic consolidation entry Parunt would une in the cunseladation worksheet
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