Original Assignment Answers

11. The Paris Company purchased a 70% interest in Seine, Inc. for $278,000 on July 1, 20X1, when Seine had the following balance sheet: Assets $ 50,000 Accounts receivable……………………………… Inventory………………………………………. 110,000 Land…………………………………………… 80,000 Building and Equipment…………………………… 160,000 Total………………………………………… $400,000 ========…