Reference no: EM13156157
Micro Electronics purchased 70 percent of the outstanding stock of LRB, Incorporated (a Canadian company) on January 1, 2005, for 21,000,000 Canadian dollars. The following abbreviated trial balance, in Canadian dollars, was prepared for LRB at the date of acquisition. The exchange rate at the date of acquisition is 1 Canadian dollar = $.65.
Book Value Market Value
Cash and Receivables 4,600,000 4,600,000
Inventory 11,000,000 14,000,000
Plant and Equipment (net) 29,000,000 33,000,000
Current Liabilities (7,000,000) (7,000,000)
Long-Term Debt (15,000,000) (16,200,000)
Common Stock (2,600,000)
Retained Earnings (20,000,000)
Required:
A. Prepare a trial balance in U.S. dollars at the date of acquisition.
B. Prepare the journal entry to recognize the acquisition of LRB by Micro Electronics.
C. Prepare the worksheet elimination, in journal entry form, at the date of acquisition.
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