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16. Please record the 3 journal entries and fill out the worksheet for consolidated financial statements. Pirate Corporation acquired 60 percent ownership of Ship Company
16. Please record the 3 journal entries and fill out the worksheet for consolidated financial statements.
Pirate Corporation acquired 60 percent ownership of Ship Company on January 1,208, at underlylng book value. At that date, the fal value of the noncontrolling interest was equal to 40 percent of the book value of Ship Company. Accumulated depreclation on Bulldings and Equipment was $75,000 on the acquisition date. Trial balance data at December 31,208, for Pirate and Ship are as follows: Additional Information Ship purchased stock of Row Company on January 1, 20X8, for $30,000 and classified the investment as avallable-for-sale securitles. The value of Row's securitles increased to $40,000 at December 31, 208. Record the basic consolidation entry. B Record the entry for Other Comprehensive Income. C Record the optional accumulated depreciation consolidation entryStep by Step Solution
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