On January 1, 20X3, Guild Corporation reported total assets of $470,000, liabilities of $270,000, and stockholders equity of $200,000. At that date, Bristol Corporation reported total assets of $190,000, liabilities of $135,000, and stockholders equity of $55,000. Following lengthy negotia- tions, Guild paid Bristols existing shareholders $44,000 in cash for 80 percent of the voting com- mon shares of Bristol.
Required:
Immediately after Guild purchased the Bristol shares
a. What amount of total assets did Guild report in its balance sheet?
b. What amount of total assets was reported in the consolidated balance sheet?
c. What amount of total liabilities was reported in the consolidated balance sheet?
d. What amount of stockholders equity was reported in the consolidated balance sheet?