Question - P Corporation paid $420,000 for 70% of S Corporation's $10 par common stock on December 31, 2016, when S Corporation's stockholders' equity was made up of $300,000 of Common Stock, $90,000 of Other Contributed Capital and $60,000 of Retained Earnings. S's identifiable assets and liabilities reflected their fair values on December 31, 2016, except for S's inventory which was undervalued by $60,000 and their land which was undervalued by $25,000. Balance Sheets for P and S immediately after the business combination are presented in the partially completed work-paper attached.
Required - Complete the consolidated balance sheet work-paper for P Corporation and Subsidiary.
Attachment:- Assignment.rar