Balance sheet information for Pawn Company and its 90%-owned subsidiary, Sox Corporation, at December 31, 20X1, is summarized as follows: Pawn acquired its interest in Sox for cash at book value several years ago when Sox's assets and liabilities were equal to their fair values.
Consolidated total assets of Pawn and Sox, at December 31, 20X1, will be ____.
A)$1,785,000
B)$1,850,000
C)$2,343,000
D)$2,408,000

Question

Balance sheet information for Pawn Company and its 90%-owned subsidiary, Sox Corporation, at December 31, 20X1, is summarized as follows:  Pawn acquired its interest in Sox for cash at book value several years ago when Sox's assets and liabilities were equal to their fair values.
Consolidated total assets of Pawn and Sox, at December 31, 20X1, will be ____.
A)$1,785,000 
B)$1,850,000 
C)$2,343,000 
D)$2,408,000

Quizplus · Accepted Answer

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Balance Sheet Information for Pawn Company and Its 90%-Owned Subsidiary