*On January 2, 2014, Parr Company purchased 100% of the ordinary shares of Sneed Company for $420,000. The fair value of Sneed Company's assets and liabilities are equal to their book values except that land has a fair value of $120,000 and buildings have a fair value of $260,000.
Instructions
(a) Complete the worksheet below for preparing a consolidated statement of financial position. You may add accounts to the worksheet if necessary.
(b) Prepare a consolidated statement of financial position for Parr Company and Subsidiary on January 2, 2014.

Question

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The Answer of *On January 2, 2014, Parr Company purchased 100% of the ordinary shares of Sneed Company for $420,000. The fair value of Sneed Company's assets and liabilities are equal to their book values except that land has a fair value of $120,000 and buildings have a fair value of $260,000.
Instructions
(a) Complete the worksheet below for preparing a consolidated statement of financial position. You may add accounts to the worksheet if necessary.
(b) Prepare a consolidated statement of financial position for Parr Company and Subsidiary on January 2, 2014.

*On January 2, 2014, Parr Company Purchased 100% of the Ordinary