Which is the correct amount for shareholders equity section

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Problem

Huron Inc and Elgin Co. had the following balance sheets on December 31, Y6: Huron Elgin Current Assets $60,000 $10,000 Fixed Assets (net) 100,000 60,000 Total Assets $160,000 $70,000 Current Liabilities $42,000 $35,000 Bonds Payable 20,000 12,000 Common Shares 90,000 12,000 Retained Earnings 8,000 11,000 Total Liabilities and Equity $160,000 $70,000 On January 1, Y7, Huron purchased all of Elgin's common shares for $50,000 in cash. On that date, Elgin's current assets and fixed assets had a fair value of $18,000 and $48,000, respectively. Consolidated financial statements were prepared on that date. Get the instant assignment help. Which is the correct amount for the shareholders' equity section of the consolidated balance sheet?

Reference no: EM133927922

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