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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
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
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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) Liabilities and Owners' Equity Current liabilities Prepare a consolidated balance sheet workpaper as of January 1, 2024. Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Total Cash Accounts Receivable Inventory Investment in Whispering Total Difference between Implied and Book Value Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Total Retained Earnings: Coronado Company Whispering Company Noncontrolling Interest 38,250 Coronado Whispering Company Company 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 28,620 107,510 25,000 (19,510) 158,790 CORON 26,620 Coronado $38,250 57,310 42,270 124,000 144,750 (56,310) $350,270 102,600 16,790 12,780 158,790 $ 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 $26,620 102,600 16,790 12,780 $158,790 $ $ Consolidated Balance
Transcribed Image Text: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) Liabilities and Owners' Equity Current liabilities Prepare a consolidated balance sheet workpaper as of January 1, 2024. Mortgage notes payable Common stock, $10 par value Other contributed capital Retained earnings Total Cash Accounts Receivable Inventory Investment in Whispering Total Difference between Implied and Book Value Plant Assets Accumulated Depreciation Current Liabilities Mortgage Note Payable Common Stock: Coronado Company Whispering Company Other Contributed Capital Coronado Company Whispering Company Total Retained Earnings: Coronado Company Whispering Company Noncontrolling Interest 38,250 Coronado Whispering Company Company 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 28,620 107,510 25,000 (19,510) 158,790 CORON 26,620 Coronado $38,250 57,310 42,270 124,000 144,750 (56,310) $350,270 102,600 16,790 12,780 158,790 $ 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 $26,620 102,600 16,790 12,780 $158,790 $ $ Consolidated Balance
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