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On January 1,20X4,Plimsol Company Acquired 100 Percent of Shipping Corporation's

Question 43

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On January 1,20X4,Plimsol Company acquired 100 percent of Shipping Corporation's voting shares,at underlying book value.Plimsol accounts for its investment in Shipping at cost.Shipping's retained earnings was $75,000 on the date of acquisition.On December 31,20X4,the trial balance data for the two companies are as follows:
On January 1,20X4,Plimsol Company acquired 100 percent of Shipping Corporation's voting shares,at underlying book value.Plimsol accounts for its investment in Shipping at cost.Shipping's retained earnings was $75,000 on the date of acquisition.On December 31,20X4,the trial balance data for the two companies are as follows: -Based on the information provided,what amount of total assets will be reported in the consolidated balance sheet prepared on December 31,20X4? A) $425,000 B) $525,000 C) $650,000 D) $630,000
-Based on the information provided,what amount of total assets will be reported in the consolidated balance sheet prepared on December 31,20X4?


A) $425,000
B) $525,000
C) $650,000
D) $630,000

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