Power Company owns 90 percent of Pleasantdale Dairy’s stock. The balance sheets of the two companies immediately after the Pleasantdale – SeeTutorials.com


Power Company owns 90 percent of Pleasantdale Dairy’s stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts:
 Power
CompanyPleasantdale Dairy  Assets      Cash & Receivables$131,000 $87,000   Inventory  212,000  107,000   Land 85,000  43,000   Buildings & Equipment (net) 406,000  239,000   Investment in Pleasantdale Stock 279,000      Total Assets$1,113,000 $476,000    Liabilities & Stockholders’ Equity      Current Payables$70,000 $26,000   Long-Term Liabilities 267,000  170,000   Common Stock 393,000  71,000   Retained Earnings 383,000  209,000    Total Liabilities & Stockholders’ Equity$1,113,000 $476,000     
The fair value of the noncontrolling interest at the date of acquisition was determined to be $31,000. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $11,000 plus $1,300 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.

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