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(Solved) : Prince Corporation Acquired 100 Percent Sword Company January 1 20×7 188 000 Trial Balance Q34185711

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Answer to Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $188,000. The trial balances for the tw…

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Description

Prince Corporation acquired 100 percent of Sword Company onJanuary 1, 20X7, for $188,000. The trial balances for the twocompanies on December 31, 20X7, included the followingamounts:

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Prince Corporation Sword Company
Item Debit Credit Debit Credit
Cash $ 94,000 $ 39,000