Pashley Corporation purchased 75% of Sargent Corporation on January 1, 2011, for $115,000.Balance sheets for the two companies on this date, prepared just prior to the purchase, are provided below.
Required:
Prepare a consolidated balance sheet using the entity theory of consolidation.

Question

Pashley Corporation purchased 75% of Sargent Corporation on January 1, 2011, for $115,000.Balance sheets for the two companies on this date, prepared just prior to the purchase, are provided below.
  Required:
Prepare a consolidated balance sheet using the entity theory of consolidation.

Quizplus · Accepted Answer

The Answer of Pashley Corporation purchased 75% of Sargent Corporation on January 1, 2011, for $115,000.Balance sheets for the two companies on this date, prepared just prior to the purchase, are provided below.
  Required:
Prepare a consolidated balance sheet using the entity theory of consolidation.

Pashley Corporation Purchased 75% of Sargent Corporation on January 1