At the Beginning of the Current Year,Morris Corporation Acquired 100

Essay

At the beginning of the current year,Morris Corporation acquired 100 percent of the common stock of Nash Corporation for $200,000.Nash's stockholders' equity included common stock for $125,000 and retained earnings of $75,000.Prepare the eliminating entry in journal form that would appear on the work sheet for consolidating the balance sheets of the two entities as of the acquisition date.(Omit explanations.)