To prepare a consolidated balance sheet on the date of acquisition, all of the following information is required except:

Question

Quizplus · Accepted Answer

The historic cost of the assets and liabilities on the subsidiary's balance sheet is not required for preparing a consolidated balance sheet on the date of acquisition. Instead, the focus is on the fair value of the subsidiary's assets and liabilities at the time of acquisition, along with the cost of assets and liabilities on the parent's balance sheet and the calculation of goodwill.

To Prepare a Consolidated Balance Sheet on the Date of Acquisition