On January 1, 2016, Poole Company purchased 75% of the common stock of Swimmer Company. Separate balance sheet data for the companies at the combination date are given below: Determine below what the consolidated balance would be for each of the requested accounts on January 2, 2016. What is the amount of total assets?
A) $1,626,667.
B) $1,566,667
C) $1,980,000.
D) $2,006,667.

Question

On January 1, 2016, Poole Company purchased 75% of the common stock of Swimmer Company. Separate balance sheet data for the companies at the combination date are given below:  Determine below what the consolidated balance would be for each of the requested accounts on January 2, 2016. What is the amount of total assets?
A) $1,626,667. 
B) $1,566,667 
C) $1,980,000. 
D) $2,006,667.

Quizplus · Accepted Answer

The Answer of On January 1, 2016, Poole Company purchased 75% of the common stock of Swimmer Company. Separate balance sheet data for the companies at the combination date are given below:  Determine below what the consolidated balance would be for each of the requested accounts on January 2, 2016. What is the amount of total assets?
A) $1,626,667. 
B) $1,566,667 
C) $1,980,000. 
D) $2,006,667.

On January 1, 2016, Poole Company Purchased 75% of the Common