CHAPTER 1

a. The consolidated income statement only includes revenues of $35,000 (December 2006 revenues) and expenses of $22,000 (December 2006 expenses) generated by Wade after the acquisition. c. Revenues 385,000. Common stock—Wade 10,000. Retained earnings—Wade (Jan. 1) 90,000. Expenses 220,000. Dividends paid 55,000. Investment in Wade 189,000 ................
................