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puteri [66]
2 years ago
6

On the date of purchase, Skywalker's inventory and buildings and equipment had fair values of $255,000 and $870,000, respectivel

y. Based on the information given above, the amount to be reported for inventory in the consolidated balance sheet immediately after the
Business
1 answer:
Whitepunk [10]2 years ago
7 0

Answer:

Inventory to be shown in balance sheet = $955000

<u>Explanation:</u>

According to the given data:

Fair value of Skywalker’s inventory = $255000

Fair value of Skywalker’s buildings and equipment is = $870000

Calculation of amount to be reported for inventory in consolidated balance sheet is as follows:

Inventory = ($700000 + $255000)

              = $955000

Note: Inventory of parent company and subsidiary company is to be added in preparing consolidated balance sheet

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