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Cornerstones of Financial Accounti...
Assume a parent has total assets of $6,000,000 and a subsidiary has total assets of $4,000,000. If the parent owns 70% of the subsidiary’s common stock, what amount of total assets will be reported on the consolidated balance sheet?
a. $10,000,000
b. $7,000,000
c. $6,000,000
d. $0, consolidation is not necessary
The amount of total assets that will be presented in the consolidated Balance sheet is to be determined.
A consolidated balance sheet is defined as the one which presents the assets and liabilities of a parent company and all its subsidiaries on a single document, with no distinctions with regards to which items belong to which companies.
Investment account in the books of parent company is adjusted towards (1) the equity (70%) acquired of the subsidiary company (2) The excess of fair value over book value of the assets acquired (i.e. 70%) to the subsidiary company. Hence, entire investment account and Total assets of the acquiring company will remain intact i.e. $6,000,000
Subsidiary:
can be defined as subsidiary company or a daughter company...
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