30) Colassal Company paid $100,000 for all the common stock of Glass Company. Glass Company borrowed $20,000 from Colassal Company on a note payable. The following information is available: ...





30) Colassal Company paid $100,000 for all the common stock of Glass Company. Glass Company borrowed $20,000 from Colassal Company on a note payable. The following information is available:













































































Colassal Co.




Glass Co.




Assets:










Cash




7,000




40,000




Note Receivable




20,000







Investment in Glass Co.




100,000







Other Assets




108,000




100,000




Total Assets




235,000




140,000




Liabilities and Stockholders' Equity:










Accounts Payable




15,000




10,000




Notes Payable




20,000




30,000




Common Stock




120,000




60,000




Retained Earnings




80,000




40,000




Total Liabilities and Stockholders' Equity




235,000




140,000






Required:



Prepare the elimination entries.







31) Parent Company acquired a subsidiary in Germany in 2009. The subsidiary's balance sheet is stated in euros. When Parent Company acquired the subsidiary in 2009, a euro was worth $1.35. When the subsidiary earned its income during 2009-2014, the average exchange rate was $1.32. On December 31, 2014, a euro is worth $1.20.





At December 31, 2014, the subsidiary's assets were 1,000,000 euros; the liabilities were 500,000 euros, common stock was 400,000 euros and retained earnings was 100,000 euros.





Required:



Translate the subsidiary's balance sheet into dollars.









May 15, 2022
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