On January 1, 2008, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in
cash. The condensed balance sheets of the two corporations immediately following the acquisition
are as follows.
| Lennon Corporation | Ono Inc. | |
| Current assets | 60,000 | 50,000 |
| Investment in Ono Inc. Common stock | 220,000 | |
| Plant and equipment (net) | 300,000 | 220,000 |
| 580,000 | 270,000 | |
| Current liabilities | 180,000 | 50,000 |
| Common Stock | 230,000 | 80,000 |
| Retained earnings | 170,000 | 140,000 |
| 580,000 | 270,000 |
Prepare a worksheet for a consolidated balance sheet.
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