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#5 help ASAP ?! With all details and proper format please ecember 31, 2010. At that date, Parent Corporation also an outstanding note p to
#5 help ASAP ?! With all details and proper format please ecember 31, 2010. At that date, Parent Corporation also an outstanding note p to Subsidiary Inc. in the amount of had Assume that Parent Corporation and subsidiary Inc. had the following account balances at December 31,2010 (immediately after the investment): Subsidiary Parent Assets: Inc. Corporation $35,000 10,000 50,000 Note receivable from Parent Corporation 60,000 40,000 Inventory 90,000 Investment in Subsidiary Inc. 75,000 110,000 Other assets 220,000 250,000 Total Liabilities and shareholders' equity: $30,000 $130,000 Accounts payable Note payable to subsidiary Inc. 50,000 100,000 60,000 Common shares 30,000 Retained eamings 70,000 Total 250,000 220,000 a) Give the consolidating worksheet entries necessary at December 31, 2010 in journal entry format. b) Prepare a consolidated balance sheet at December 31, 2010
#5 help ASAP ?! With all details and proper format please
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