On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed balance sheets of the two corporations immediately following the acquisition are as follows.
|
Lennon
|
Ono
|
|
Corporation
|
Inc.
|
|
Current assets
|
$ 60,000
|
$ 50,000
|
|
Investment in Ono Inc. common stock
|
220,000
|
|
|
Plant and equipment (net)
|
300,000
|
220,000
|
|
$580,000
|
$270,000
|
|
Current liabilities
|
$180,000
|
$ 50,000
|
|
Common stock
|
230,000
|
80,000
|
|
Retained earnings
|
170,000
|
140,000
|
Instructions
Prepare a worksheet for a consolidated balance sheet.