On January 1, 20X3, Guild Corporation reported total assets of $472,000, liabilities of $265,000, and stockholders’ equity of $207,000.

On January 1, 20X3, Guild Corporation reported total assets of $472,000, liabilities of $265,000, and stockholders’ equity of $207,000. At that date, Bristol Corporation reported total assets of $194,000, liabilities of $135,000, and stockholders’ equity of $59,000. Following lengthy negotiations, Guild paid Bristol’s existing shareholders $50,150 in cash for 85 percent of the voting common shares of Bristol.

Required:Immediately after Guild purchased the Bristol shares

a. What amount of total assets did Guild report in its individual balance sheet? Amount of total assets__________

b. What amount of total assets was reported in the consolidated balance sheet? Amount of total assets__________

c. What amount of total liabilities was reported in the consolidated balance sheet? Amount of total liabilities___________

d. What amount of stockholders’ equity was reported in the consolidated balance sheet? Amount of stockholders’ equity_________

 

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