Advanced Accounting : HW Assignment

Chapter $2$: Stock Acquisition: $85\%$

#$2.$ On Dec ${31}^{st}2020,$ Pip's Puppy Company $=$ Parent Corporation purchases $85\%$ of the stock of Keira's Kitten Company $=$ Subsidiary for $$725,000$ cash.

On that date, Keira's kittens had the following balances:

Book Value

FMV

$\backslash$table$[[$Cash$,$$$15,000,],[$Accts Rec,$$25,000,],[$Inventory$,$$$55,000,$$$95,000$