ProLock acquired all of the stock of Senyo for $10,000,000 on January 2, 2014. At that date,
Question:
ProLock acquired all of the stock of Senyo for $10,000,000 on January 2, 2014. At that date, Senyo's $6,000,000 of reported net assets were fairly stated, except land was undervalued by $500,000 and unrecorded in-process R&D was valued at $1,000,000. Required Prepare the working paper eliminating entries needed to consolidate ProLock and Senyo on January 2, 2014
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