The Hamilton Company acquired 100 percent of the stock of Hudson Company on January 1,2010,for $308,000 cash.Summarized balance sheet data for the companies on December 31,2009,are as follows:
The book values of Hudson's assets and liabilities are equal to their fair values,except as indicated.On January 1,2010,Hudson owed Hamilton $14,000 on account.
Required: Prepare a consolidated balance sheet immediately following the acquisition.

Question

Quizplus · Accepted Answer

The Answer of The Hamilton Company acquired 100 percent of the stock of Hudson Company on January 1,2010,for $308,000 cash.Summarized balance sheet data for the companies on December 31,2009,are as follows:
The book values of Hudson's assets and liabilities are equal to their fair values,except as indicated.On January 1,2010,Hudson owed Hamilton $14,000 on account.
Required: Prepare a consolidated balance sheet immediately following the acquisition.

The Hamilton Company Acquired 100 Percent of the Stock of Hudson