On January 1, 2021, James Corporation exchanged $3,050,000 cash for 100 percent of the out- standing voting stock of Johnson Corporation. James plans to maintain Johnson as a wholly owned subsidiary with separate legal status and accounting information systems.
At the acquisition date, James prepared the following fair-value allocation schedule:
Immediately after closing the transaction, James and Johnson prepared the following postacquisition balance sheets from their separate financial records.
Prepare an acquisition-date consolidated balance sheet for James Corporation and its subsidiary Johnson Corporation.