Prepare the consolidated balance sheet of Razorback Express

| December 14, 2017

(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 $81,000 on a note payable. Immediately after the purchase on September 30, 20X8, the 2 companies’ balance sheets follow.RazorbackSoonerAssetsCash$ 24,000$ 20,000Accounts receivable, net91,00042,000Note receivable from Sooner81,000—Inventory19,000214,000Investment in Sooner266,000—Plant assets, net278,000219,000Total$759,000$495,000Liabilities and Stockholders’ EquityAccounts payable$ 57,000$ 49,000Notes payable175,000149,000Other liabilities129,00031,000Common stock150,000118,000Retained earnings248,000148,000Total$759,000$495,000RequiredPrepare the consolidated balance sheet of Razorback Express (It is sufficient to complete a consolidation work sheet.)

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