How do I complete this elimination worksheet for y/e 2017? Facts: Pandor Company purchased all outstanding...

How do I complete this elimination worksheet for y/e 2017?

Facts:

Pandor Company purchased all outstanding shares of Signe Company’s common stock on December 31, 2017 in an open marke purchase for $150,000 in cash. Several of Signe’s accounts had fair market values that differed from book values at the date of acquisition:

				Book Value	Fair Market Value
	Land	$22,500	$18,750
	Building (10 year life)	$37,500	$45,000
	Equipment (6 year life)	$22,500	$33,750

Y/E 2017			Elimination
Account	Pandor	Signe	debit	credit	Consol
Cash	46,875	26,250
Receivables	54,750	28,125
Inventory	50,625	35,625
Investment in Signe	150,000
Land	131,250	22,500
Buildings (net)	135,000	37,500
Equipment (net)	76,875	22,500
Goodwill
Total assets	645,375	172,500

Liabilities	(232,875)	(52,500)
Common stock	(150,000)	(37,500)
Retained earnings	(262,500)	(82,500)
Total liabilities and equity	(645,375)	(172,500)

Expert Solution

ekkarill92 answered 1 year ago

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