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On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash

Price: $1.99


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 Corporation Ono 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
   580,000  270,000
Instructions
Prepare a worksheet for a consolidated balance sheet

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