Place Company purchased 92% of the common stock of Shaw, Inc. on
January 1, 2017, for $400,000. Trial balances at the end of 2017
for the companies were:
Place
Shaw
Cash
$ 80,350
$ 87,000
Accounts and Notes Receivable
200,000
210,000
Inventory, 1/1
70,000
50,000
Investment in Shaw, Inc.
400,000
—0—
Plant Assets
300,000
200,000
Dividends Declared
35,000
22,000
Purchases
240,000
150,000
Selling Expenses
28,000
20,000
Other Expenses
15,000
13,000
$1,368,350
$752,000
Accounts and Notes Payable
$ 99,110
$ 38,000...