Business, 18.10.2019 21:30 freesiareal2780
On january 1, 2017, aiello company purchased 100% of the common stock uline industries for $450,000. on that date, uline had common stock of $90,000 and retained earnings of $280,000. equipment and land were each undervalued by $25,000 on uline’s books. there was a $10,000 overvaluation of bonds payable, as well a $20,000 undervaluation of inventory.
the combined consolidation entries necessary for a date of acquisition balance sheet include all of the following except:
(a) common stock debit, $90,000
(b) retained earnings credit, $280,000
(c) equity investment credit, $450,000
(d) no debits or credits to goodwill
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On january 1, 2017, aiello company purchased 100% of the common stock uline industries for $450,000....
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