On January 1,2009,Field Corporation,a retail outlet chain,acquired 100 percent of the common stock of Palouse Company by issuing 14,000 shares of Field's $5 par value common stock.The market price of Field's common stock was $20 per share on the eve of December 31,2008.Summarized balance sheet data at December 31,2008,are as follows:
Additional Information:
The book values of Palouse's assets approximated their respective fair values,except for inventory (included in current assets),which had a fair value $20,000 more than book value,and land,which had a market value of $200,000 on the date of combination.At that date,Field owed Palouse $34,000 on account.
Required: Prepare a consolidated balance sheet immediately following the acquisition.

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The Answer of On January 1,2009,Field Corporation,a retail outlet chain,acquired 100 percent of the common stock of Palouse Company by issuing 14,000 shares of Field's $5 par value common stock.The market price of Field's common stock was $20 per share on the eve of December 31,2008.Summarized balance sheet data at December 31,2008,are as follows:
Additional Information:
The book values of Palouse's assets approximated their respective fair values,except for inventory (included in current assets),which had a fair value $20,000 more than book value,and land,which had a market value of $200,000 on the date of combination.At that date,Field owed Palouse $34,000 on account.
Required: Prepare a consolidated balance sheet immediately following the acquisition.

On January 1,2009,Field Corporation,a Retail Outlet Chain,acquired 100 Percent of the Common