On January 1, 20X3, Parade Corporation reported total assets of $473,000, liabilities of $271,000, and stockholders’ equity of $202,000. At that date, Summer Corporation reported total assets of $185,000, liabilities of $128,000, and stockholders’ equity of $57,000. Following lengthy negotiations, Parade paid Summer’s existing shareholders $45,600 in cash for 80 percent of the voting common shares of Summer. Required: Immediately after Parade purchased the Summer shares, What amount of total assets did Parade report in its individual balance sheet? What amount of total assets was reported in the consolidated balance sheet? What amount of total liabilities was reported in the consolidated balance sheet?
On January 1, 20X3, Parade Corporation reported total assets of $473,000, liabilities of $271,000, and
Required:
Immediately after Parade purchased the Summer shares,
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What amount of total assets did Parade report in its individual balance sheet?
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What amount of total assets was reported in the consolidated balance sheet?
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What amount of total liabilities was reported in the consolidated balance sheet?
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What amount of stockholders’ equity was reported in the consolidated balance sheet?
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