Chapter 4 Consolidated Financial St Consolidated Financial Statements after ments after Acquisition Required: Prepare journal entries on the books of Percy Company from the date of purchase th investment in Song ent in Song Company under each of the following assumptions: through 2016 to account for its B. Perc C. Percy Com Company uses the cost method to record its investment. y Company uses the partial equity method to record its investment. pany uses the complete equity method to record its investment. The its investment. The difference between book value lely to market of equity acquired and the value implied by the purchase price was attributed solely to over book values of depreciable assets, with a remaining life of 10 years. an excess of Workpaper Eliminating Entries, Cost Method LO Park Company purchased 90% of the stock of Salt Company on to $15,000 in excess of the book value of equity acquired. This excess payment relates Salt Company's land. On the date of purchase, Salt Com remainder of the stockholders' equity consist dividends in the amount of $10,000, and reported net income of $40,000. The retained earnings balance of Salt January 1, 2014, for $465,000, an amount equal s excess payment relates to an undervaluation of pany's retained earnings balance was $50,000. The s of no-par common stock. During 2018, Salt Company declared Company on December 31, 2017, was S$160,000. Park Company uses the cost method to record its investment Required: Prepare in general journal form the workpaper entries that would be made in the preparation of a consolidated statements workpaper on December 31, 2018 workpaper Eliminating Entries, Equity Method LOS) At the beginning of 2009, Presidio Company purchased 95% of the common stock of Succo t the beginning of 2009, Presidio Company purchase Company for