Reference no: EM132923826
Question - Prince Corp. and Sprite Corp. reported the following balance sheets at January 1, 2017:
Prince Sprite
Current assets $30,000 $15,000
Noncurrent assets 55,000 25,000
Total assets $85,000 $40,000
Current liabilities $20,000 $10,000
Long-term debt 20,000 5,000
Stockholders' equity 45,000 25,000
Total liabilities and stockholders' equity $85,000 $40,000
On January 2, 2017, Prince issued $36,000 of stock and used the proceeds to purchase 90% of Sprite's common stock. The excess of the purchase price over Sprite's book value of net assets was allocated 60% to inventory and 40% to goodwill.
Required - Show the amounts that Prince will report on its January 2, 2017, consolidated balance sheet for the following items under (a) the acquisition method and (b) the purchase method. (Note to student: Ignore the fact that the date in this problem would preclude the use of the purchase method.)
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