Compute the consolidated common stock account at December 31, 2018.
A) $1,080.
B) $1,480.
C) $1,380.
D) $2,280.
E) $2,680.

Question

Quizplus · Accepted Answer

The total common stock of Parent Company ($800) and Subsidiary Company ($580) is $1,380. Since the subsidiary was acquired during the current year, there is no effect on the consolidated common stock account for any previous years. Therefore, the answer is $1,380.

Compute the Consolidated Common Stock Account at December 31, 2018