Consolidated Balance Sheet Notes

Balance Sheet Worksheet

Acquisition Details

• Blank Corporation acquired 100% of Faith Corporation's common stock on December 31, 20X2, for $219,000$.
• At the acquisition date, the book values of Faith's net assets and liabilities approximated their fair values.
• Faith Corporation's accumulated depreciation on buildings and equipment was $20,000$.

Balance Sheet Data

Assets

• Cash:
  • Blank Corporation: $63,000$
  • Faith Corporation: $27,000$
• Accounts Receivable:
  • Blank Corporation: $83,000$
  • Faith Corporation: $41,000$
• Inventory:
  • Blank Corporation: $116,000$
  • Faith Corporation: $62,000$
• Buildings and Equipment (net):
  • Blank Corporation: $215,000$
  • Faith Corporation: $167,000$
• Investment in Faith Corporation Stock:
  • Blank Corporation: $219,000$
  • Faith Corporation: No value
• Total Assets:
  • Blank Corporation: $696,000$
  • Faith Corporation: $297,000$

Liabilities and Stockholders' Equity

• Accounts Payable:
  • Blank Corporation: $86,000$
  • Faith Corporation: $15,000$
• Notes Payable:
  • Blank Corporation: $137,000$
  • Faith Corporation: $84,000$
• Common Stock:
  • Blank Corporation: $63,000$
  • Faith Corporation: $57,000$
• Retained Earnings:
  • Blank Corporation: $389,000$
  • Faith Corporation: $162,000$
• Total Liabilities and Stockholders' Equity:
  • Blank Corporation: $696,000$
  • Faith Corporation: $297,000$

Required

• Provide the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination.