on december 31 20×3 oak company oak a canadian corporation purchased 100 of the outs 3387269

On December 31, 20X3, Oak Company (Oak), a Canadian corporation, purchased 100% of the outstanding common shares of Maple Limited (Maple). Maple was incorporated on January 2, 20X0, and began operations immediately in the southwestern United States. Common shares were issued on the date of incorporation and no more common shares have been issued since then. The SFP for Maple at December 31, 20X9, was as follows: Maple Limited Statement of Financial Position December 31, 20X9 Cash…………………………………………………………………………………………………….. US$ 100,000 Accounts receivable (note 1)…………………………………………………………………… 200,000 Inventory (note 2)………………………………………………………………………………….. 300,000 Equipment-net (note 3)…………………………………………………………………………… 1,100,000 …………………………………………………………………………………………………………….US$ 1,700,000 Accounts payable…………………………………………………………………………………… US$ 250,000 Bonds payable (note 4)…………………………………………………………………………… 700,000 Common shares……………………………………………………………………………………… 1

 

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