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17. Please finish filing in the missing blanks I have on the consolidation worksheet. Pirate Corporation acquired 60 percent ownership of Ship Company for $96,000
17. Please finish filing in the missing blanks I have on the consolidation worksheet.
Pirate Corporation acquired 60 percent ownership of Ship Company for $96,000 on January 1,208, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of Ship Company. Accumulated depreciation on Buildings and Equipment was $75,000 on the acquisition date. Trial balance data at December 31, 20X9, for Pirate and Ship are as follows: Additional Information Ship purchased stock of Row Company on January 1, 208, for $30,000 and classified the investment as available-for-sale securities. The value of Row's securities increased to $40,000 and $44,000, respectively, at December 31,208, and 209. Assume that depreciation expense was $10,000 for the previous year as well. Pirate Corporation acquired 60 percent ownership of Ship Company for $96,000 on January 1,208, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of Ship Company. Accumulated depreciation on Buildings and Equipment was $75,000 on the acquisition date. Trial balance data at December 31, 20X9, for Pirate and Ship are as follows: Additional Information Ship purchased stock of Row Company on January 1, 208, for $30,000 and classified the investment as available-for-sale securities. The value of Row's securities increased to $40,000 and $44,000, respectively, at December 31,208, and 209. Assume that depreciation expense was $10,000 for the previous year as wellStep by Step Solution
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