Question: Dish Corp. acquired 100% of the stock of Towel Company by issuing 10,000 shares of $10 par common stock with a market value of $60 per share. Summarized balance sheet data for the two companies immediately prior to the acquisition are as follows:
Dish Towel
BV FV BV FV
Total Assets $1,200,000 $1,500,000 $900,000 $1,300,000
Total Liabilities 800,000 700,000 600,000 750,000
Total Equity 400,000 300,000
Total $1,200,000 $900,000
Determine the dollar amounts to be presented in the consolidated balance sheet for (1) total assets, (2) total liabilities, and, (3) total equity.