Worksheet, two subsidiaries, subsidiary stock sales, intercompany merchandise, fixed assets, bonds. The audit of Barns Company and its subsidiaries for the year ended December 31, 2016, is completed....

Worksheet, two subsidiaries, subsidiary stock sales, intercompany merchandise, fixed assets, bonds. The audit of Barns Company and its subsidiaries for the year ended December 31, 2016, is completed. The working papers contain the following information:

a. Barns Company acquires 4,000 shares of Webo Company common stock for $320,000 on January 1, 2015. Webo Company purchases 500 shares of its own stock from NCI shareholders as treasury shares for $48,000 on January 1, 2016.