(Learning Objective 3: Consolidating a wholly-owned subsidiary) Razorback Express, Inc., paid $266,000 to acquire all the common stock of Sooner Corporation, and Sooner owes Razorback $81,000 on a note payable. Immediately after the purchase on September 30, 20X8, the 2 companies’ balance sheets follow.
| Razorback | Sooner | |
| Assets | ||
| Cash | $ 24,000 | $ 20,000 |
| Accounts receivable, net | 91,000 | 42,000 |
| Note receivable from Sooner | 81,000 | — |
| Inventory | 19,000 | 214,000 |
| Investment in Sooner | 266,000 | — |
| Plant assets, net | 278,000 | 219,000 |
| Total | $759,000 | $495,000 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ 57,000 | $ 49,000 |
| Notes payable | 175,000 | 149,000 |
| Other liabilities | 129,000 | 31,000 |
| Common stock | 150,000 | 118,000 |
| Retained earnings | 248,000 | 148,000 |
| Total | $759,000 | $495,000 |
Required
Prepare the consolidated balance sheet of Razorback Express (It is sufficient to complete a consolidation work sheet.)
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