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Case: Papa Burger Inc. has determined that they need to add to their product line. They have decided to acquire an interest in Sloppy Joe
Case: Papa Burger Inc. has determined that they need to add to their product line. They have decided to acquire an interest in Sloppy Joe Company that would provide significant influence and control. The following are the purchase details:
Additional Base Information:
NOTE: After reviewing Sloppy Joes accounts, the only account with a difference between book value and fair value is land.
Account Book Value Fair Value
Land $335,000 $415,000
Workpaper on next page.
On January 1, 2010 the following took place: S 900,000 Parent Co. paid Parent Purchased X% of Sub 80%
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