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Consolidated Balance Sheet
Thompson Company spent $240,000 to acquire all of Lake Corporation's stock on January 1, 20X2. The balance sheets of the two companies on December 31, 20X3, showed the following amounts:
Thompson
Lake
Company
Corporation
Cash
$ 30,000
$ 20,000
Accounts Receivable
100,000
40,000
Land
60,000
50,000
Buildings & Equipment
500,000
350,000
Less: Accumulated Depreciation
(230,000)
(75,000)
Investment in Lake Corporation
252,000
$712,000
$385,000
Accounts Payable
$ 80,000
$ 10,000
Taxes Payable
70,000
Notes Payable
85,000
Common Stock
200,000
Retained Earnings
292,000
120,000
Lake reported retained earnings of $100,000 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of 10 years from the date of acquisition. Assume Lake's accumulated depreciation on the acquisition date was $25,000.
Required
a. Give the appropriate elimination entry or entries needed to prepare a consolidated balance sheet as of December 31, 20X3.
b. Prepare a consolidated balance sheet worksheet as of December 31, 20X3.
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