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could i get help with this thanks! template On June 30, 200X P paid $375,000 cash for 100% of the Common Stock of S Company.

could i get help with this thanks!
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On June 30, 200X P paid $375,000 cash for 100% of the Common Stock of S Company. The transaction is an acquisition of wherein the acquired company is not dissolved. S Company is maintained as a separate subsidiary of P Company. It is still an entity, but in this case P Company owns all of it's stock. Following information is shown prior to acquisition being recorded: P Company Assets Liabilities and Capital $90,000 $580,000 60,000 Current Liabilities Common Stock $5PV Cash Inventories 100,000 Plant Assets Retained Earnings Total Additional Paid in Capital 200,000 340.000 590,000 $980,000 Total $980,000 S Company Assets Liabilities and Capital Inventories Other Assets Plant Assets Additional Paid in Capital $ 20,000 40,000 140.000 20,000 Current Liabilities Long Term Liabilities Common Stock $10 PV $30,000 50,000 40,000 Retained Earnings Total 60.000 $200,000 Total $200,000 Differences between identifiable net assets of S Company were: Inventories Plant Current Fair Value $50,000 250,000 Book Value $20,000 140,000 Difference $30,000 110,000 A. Prepare the journal entries showing the purchase B. Prepare a schedule showing the amount of goodwill from this purchase. C Prepare a consolidation worksheet showing the eliminations. D. Prepare a consolidated balance sheet AS OF June 30, 200X using the consolidation worksheet as a basis. B. COMPUTATION OF GOODWILL Computation of Goodwill Fair Value of Consideration transferred Book value of S Co. Excess fair value over book Allocated to inventory Allocated to building Goodwill C. CONSOLIDATION WORKSHEET CORPORATION AND SCO P CORPORATION WORKING PAPER FOR CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET 6/30/200x OF JUNE 30, 200 Assets Liabities and Equity Eliminations & Debit Cash Current Liables Corporation Company Adjustments Credit Consolidated Inventory Long Term debe Assets Other Assets Cash Plant Common Stock 5 P Inventories debit Padin Capital Other Assets Good Retained Erings Investment in s Credit Total Total Plant debe Goodwill Total Assets 115,000 A. JOURNAL ENTRY: Investment in Company Cash Liabilities & Equity Curent Liabilities Long Term Debt Ledger T Accounts Common Stock $ par Common Stock 510 por Padin Capital Rene Enge debe debit debet Investment ins

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