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    B.N. Counter Corporation

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    A) Record the business combination on the books of B.N. Counter Corporation
    b) Present in general journal form all elimination entries needed in a work paper to prepare a
    Consolidated balance sheet immediately following the business combination on Jan. 2, 20X8.
    c) Prepare and complete a consolidated balance sheet work paper as of January 2, 20X8,
    Immediately following the business combination.
    d) Present a consolidated balance sheet for B.N. Counter and its subsidiary as of January
    2, 20X8

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    Solution Preview

    The journal entries on the books of B.N. Counter for (a), (b), and (c) would look like:

    Cash 18,750
    As of Jan. 2 12,000
    75% of investment 6,750

    Receivables 61,500
    As of Jan. 2 39,000
    75% of investment 22,500

    Inventory 140,000
    As of Jan. 2 86,000
    75% of ...

    Solution Summary

    This Solution provides the necessary journal entries and the consolidated balance sheet.