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Prepare consolidated journal entry to consolidate assets

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Reference no: EM132644173

Question - Prepare Consolidated Balance Sheet for Big Lake Bakeries which owns 100% of Marble Falls Orchards. The fair value of Marble Falls net fixed assets are $2,675,000.

Big Lake acquired 100% of Marble Falls for 3,750,000

Fair value of fixed assets 2,675,000

Balance Sheet prior to acquistion

Big Lake Marble Falls

Current assets 4,250,000 500,000

Fixed assets, net 4,500,000 1,675,000

Liabilties 350,000 125,000

Common Stock 7,500,000 1,525,000

Paid in Capital 500,000

Retained Earnings 400,000 525,000

Required -

a. Prepare purchase entry.

b. Prepare consolidated journal entry to consolidate equity accounts.

c. Prepare consolidated journal entry to consolidate assets.

Reference no: EM132644173

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