Prepare a consolidated balance sheet worksheet

Reference no: EM131025177

Power Company owns 90 percent of Pleasantdale Dairy’s stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts.

Power Company		Pleasantdale Dairy
Assets
Cash & Receivables	$	141,000	$	84,000
Inventory		214,000		104,000
Land		81,000		55,000
Buildings & Equipment (net)		396,000		229,000
Investment in Pleasantdale Stock		258,300

Total Assets	$	1,090,300	$	472,000

Liabilities & Stockholders’ Equity
Current Payables	$	65,000	$	36,000
Long-Term Liabilities		271,300		169,000
Common Stock		382,000		65,000
Retained Earnings		372,000		202,000

Total Liabilities & Stockholders’ Equity	$	1,090,300	$	472,000

The fair value of the noncontrolling interest at the date of acquisition was determined to be $28,700. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $14,000 plus $1,000 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.

Required:

Prepare a consolidated balance sheet worksheet. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

Reference no: EM131025177

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