balance sheet of Razorback Express

(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
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


Prepare the consolidated balance sheet of Razorback Express (It is sufficient to complete a consolidation work sheet.)

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