Assuming that the two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 20X1 after the acquisition transaction is completed.

To begin with, we must start with the acquiring company’s balance sheet which should include a ‘Parent Company Assets’ line item that would equal the total cost of purchasing (i.e., cash paid plus any other items such as bonds or securities) minus any applicable goodwill or intangible assets related to this transaction. It should include the cost of 10,000 common shares, issued at $60 each ($600,000.)

Next, we will need to add in a ‘Non-Controlling Interest’ section representing Blue’s share of ownership which equals $204,000 (appraised land value) -and should also list out any separate debt obligations incurred during this process too (i.e., legal/accounting fees amounting to $14,000). This number can then be subtracted from parent company’s total stockholders equity number so that it accurately reflects its current capital structure.

Lastly, we must reconcile these figures against subcompany totals – including both its own individual assets & liabilities as well as those held jointly between both organizations – in order ensure there is no discrepancy between final accounts at end of period before finally preparing consolidated statement accordingly. You should be able to get a good picture of your current financial position by following these simple steps. This will allow you to better understand potential risks or opportunities in the future.