Consolidation: Adjustments to the Balance Sheet
Presented below are condensed balance sheets for the ASAP Company and its wholly owned subsidiary, BYOB Inc., at December 31, 1999 (dollars in millions):
| ASAP Company | BYOB Inc. | |
| Current assets | $ 30 | $ 55 |
| Noncurrent assets | 210 | 95 |
| Total | $240 | $150 |
| Liabilities | $110 | $ 85 |
| Shareholders’ equity | 130 | 65 |
| Total | $240 | $150 |
Required
Explain how each of the following items would affect your preparation of a consolidated balance sheet for ASAP and BYOB:
a. The noncurrent assets of ASAP include its investment in BYOB at a value of $65 million.
b. The current assets of BYOB include an account receivable from ASAP of $9 million.
c. The noncurrent assets of BYOB include land purchased from ASAP for $25 million. The cost of the land to ASAP was $7 million.
d. Prepare a consolidated balance sheet for ASAP Company on December 31, 1999.
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