On January 1, 2024, Coronado Company purchased 8,208 shares of Whispering Company's common stock for $124,000. Immediately after the stock acquisition, the statements of financial position of Coronado and Whispering appeared as follows: Assets Cash Accounts receivable Inventory Investment in Whispering Company Plant assets Accumulated depreciation-plant assets Total (b) Prepare a consolidated balance sheet workpaper as of January 1, 2024. Total Cash Accounts Receivable Liabilities and Owners' Equity Current liabilities Inventory Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Investment in Whispering Difference between Implied and Book Value Total Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Retained Earnings: Coronado Company Total Whispering Company Noncontrolling Interest Coronado Company 38,250 57,310 42,270 124,000 144,750 (56,310) 350,270 17,080 40,190 111,980 126,260 54,760 350,270 17,170 Whispering Company 28,620 25,000 107,510 (19,510) 158,790 26,620 102,600 Coronado $38,250 CORO 16,790 57,310 12,780 42,270 124,000 144,750 (56,310) $350,270 158,790 $ Whispering $17,170 28,620 25,000 Debit 107,510 (19,510) $158,790 Eliminations $17,080 NADO COMPANY AND SUBSIDIARY WHISPERING Consolidated Balance Sheet Workpaper January 1, 2024 $ 40,190 111,980 126,260 54,760 $350,270 Credit $ Noncontrolling Interest $26,620 ILL 102,600 16,790 12,780 $158,790 $ Consolidated Balance
On January 1, 2024, Coronado Company purchased 8,208 shares of Whispering Company's common stock for $124,000. Immediately after the stock acquisition, the statements of financial position of Coronado and Whispering appeared as follows: Assets Cash Accounts receivable Inventory Investment in Whispering Company Plant assets Accumulated depreciation-plant assets Total (b) Prepare a consolidated balance sheet workpaper as of January 1, 2024. Total Cash Accounts Receivable Liabilities and Owners' Equity Current liabilities Inventory Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Investment in Whispering Difference between Implied and Book Value Total Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Retained Earnings: Coronado Company Total Whispering Company Noncontrolling Interest Coronado Company 38,250 57,310 42,270 124,000 144,750 (56,310) 350,270 17,080 40,190 111,980 126,260 54,760 350,270 17,170 Whispering Company 28,620 25,000 107,510 (19,510) 158,790 26,620 102,600 Coronado $38,250 CORO 16,790 57,310 12,780 42,270 124,000 144,750 (56,310) $350,270 158,790 $ Whispering $17,170 28,620 25,000 Debit 107,510 (19,510) $158,790 Eliminations $17,080 NADO COMPANY AND SUBSIDIARY WHISPERING Consolidated Balance Sheet Workpaper January 1, 2024 $ 40,190 111,980 126,260 54,760 $350,270 Credit $ Noncontrolling Interest $26,620 ILL 102,600 16,790 12,780 $158,790 $ Consolidated Balance
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 25E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning