Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmin Corporation, on December 31, 2014. Any excess fair value over the identified assets and liabilities is attributed to goodwill. The following year-end information was available just before the purchase:
Required:
1. Prepare Pool's consolidated balance sheet on December 31, 2014.

Question

Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmin Corporation, on December 31, 2014. Any excess fair value over the identified assets and liabilities is attributed to goodwill. The following year-end information was available just before the purchase:
  Required:
1. Prepare Pool's consolidated balance sheet on December 31, 2014.

Quizplus · Accepted Answer

The Answer of Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmin Corporation, on December 31, 2014. Any excess fair value over the identified assets and liabilities is attributed to goodwill. The following year-end information was available just before the purchase:
  Required:
1. Prepare Pool's consolidated balance sheet on December 31, 2014.

Pool Industries Paid $540,000 to Purchase 75% of the Outstanding