X Company acquired 100 percent of Y
Company's outstanding common stock for
cash. Selected balance sheet data at
December 31, 2009, are as follows:
X
Y
Liabilities
$144,000
$72,000
Common Stock $120,000
$60,000
Retained
$240,000
$84,000
Earnings
Total
$504,000 $216,000
Based on the preceding information, what
amount will X Company report as common
stock outstanding in its consolidated balance
sheet at December 31, 2009?
a. $120,000
b. $156,000
c. $180,000
d. $264,000