On December 31, 20X3, Broadway Corporation reported common stock outstanding of ($ 200.000). additional paid-in capital of

Question:

On December 31, 20X3, Broadway Corporation reported common stock outstanding of $\$ 200.000$. additional paid-in capital of $\$ 300,000$, and retained earnings of $\$ 100,000$. On January 1, 20X4, Johe Company acquired control of Broadway in a purchase-type business combination.

a. Give the eliminating entry that would be needed in preparing a consolidated balance sheet immediately following the combination if Johe purchased all of Broadway`s outstanding common stock for $\$ 600,000$.

$b$. Give the eliminating entry that would be needed in preparing a consolidated balance sheet immediately following the combination if Johe purchased 90 percent of Broadway`s outstanding common stock for $\$ 540,000$.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 100% (QA)

Answered By

Samuel Omandi

As an experienced biology tutor, I possess hands-on experience and proficiency in the subject. With a degree in biology and several years of experience working in the field, I have gained practical experience with a variety of biological concepts and techniques. This deep understanding of the subject matter allows me to convey complex biological concepts in a way that is easy for students to understand. For example, I recently worked with a student who was struggling with understanding the process of photosynthesis. Using my hands-on experience and proficiency in the subject, I was able to quickly identify the areas where the student was struggling and provide effective strategies for improvement. I drew on my real-world experience to provide practical examples that helped the student understand the relationship between light, carbon dioxide, and water in the process of photosynthesis. As a result of my guidance and support, the student gained confidence and began to excel in their biology class. In my role as a tutor, I believe that hands-on experience and proficiency are essential qualities. These qualities allow me to provide effective instruction, build trust with my students, and create a learning environment that is both engaging and supportive. I am committed to using my expertise to help students achieve their academic goals and develop a love of biology that will last a lifetime.

0.00 0 Reviews 10+ Question Solved

Related Book For book-img-for-question