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Complete the consolidated working papers for Pesky and Slinky Corporations. Pesky acquired its 70% interest on January 1,2012 for $630,000 cash. . On that date,
Complete the consolidated working papers for Pesky and Slinky Corporations. Pesky acquired its 70% interest on January 1,2012 for $630,000 cash. . On that date, Slinky had capital stock of $600,000 and retained earnings of $200,000. On that date: Slinky's net assets were equal to their fair values except for inventory and plant assets. These inventories were undervalued on Slinky's books by $10,000. These plant assets were undervalued on Slinky's books by $60,000 (4-year remaining useful life). No goodwill has been impaired. Pesky Corporation and Subsidiary Consolidated Working Papers For the year ended December 31,2013 Complete the consolidated working papers for Pesky and Slinky Corporations. Pesky acquired its 70% interest on January 1,2012 for $630,000 cash. . On that date, Slinky had capital stock of $600,000 and retained earnings of $200,000. On that date: Slinky's net assets were equal to their fair values except for inventory and plant assets. These inventories were undervalued on Slinky's books by $10,000. These plant assets were undervalued on Slinky's books by $60,000 (4-year remaining useful life). No goodwill has been impaired. Pesky Corporation and Subsidiary Consolidated Working Papers For the year ended December 31,2013
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