Problempotter company acquired 90 percent of the voting, Ask an Expert

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Potter company acquired 90 percent of the voting common shares of Stately Corporation by issuing bonds with a par value and fair value of $121,500 to Stately's existing shareholders. Immedietaly prior to the acquisition, Potter reported total assets of $510,000, liabilities of $320,000, and stockholders equity of $190,000. At that date, Stately reported total assets of $350,000, liabilities of $215,000, and stockholders equity of $135,000.

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Question: What amount of total assets was reported in the consolidated balance sheet?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164418

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