*On January 2, 2014, Pine Company purchased 100% of the outstanding common shares of Seely Company for $520,000. Any excess of cost over the book value of the net assets of Seely company should first be allocated to land $55,000, and Buildings $40,000 and any remainder to Goodwill.
Instructions
(a) Complete the following worksheet below for preparing a consolidated statement of financial position on the date of acquisition. You may add accounts to the worksheet that may be necessary.
(b) Prepare a consolidated statement of financial position Afor Pine Company and Subsidiary on January 2, 2014.

Question

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The Answer of *On January 2, 2014, Pine Company purchased 100% of the outstanding common shares of Seely Company for $520,000. Any excess of cost over the book value of the net assets of Seely company should first be allocated to land $55,000, and Buildings $40,000 and any remainder to Goodwill.
Instructions
(a) Complete the following worksheet below for preparing a consolidated statement of financial position on the date of acquisition. You may add accounts to the worksheet that may be necessary.
(b) Prepare a consolidated statement of financial position Afor Pine Company and Subsidiary on January 2, 2014.

*On January 2, 2014, Pine Company Purchased 100% of the Outstanding