(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 $81,000 on a note payable. Immediately after the purchase on September 30, 20X8, the 2 companies’ balance sheets follow.
|Cash||$ 24,000||$ 20,000|
|Accounts receivable, net||91,000||42,000|
|Note receivable from Sooner||81,000||—|
|Investment in Sooner||266,000||—|
|Plant assets, net||278,000||219,000|
|Liabilities and Stockholders’ Equity|
|Accounts payable||$ 57,000||$ 49,000|
Prepare the consolidated balance sheet of Razorback Express (It is sufficient to complete a consolidation work sheet.)
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