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Prepare a worksheet for a consolidated balance sheet

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Reference no: EM13548094

On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed balance sheets of the two corporations immediately following the acquisition are as follows.

Lennon

Ono

Corporation

Inc.

Current assets

$ 60,000

$ 50,000

Investment in Ono Inc. common stock

220,000

Plant and equipment (net)

300,000

220,000

$580,000

$270,000

Current liabilities

$180,000

$ 50,000

Common stock

230,000

80,000

Retained earnings

170,000

140,000

Instructions

Prepare a worksheet for a consolidated balance sheet.

Reference no: EM13548094

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