EXERCISE 5 6 Workpaper Entries LO 1 Park Company acquires an 85 interest in Sunland Company on January 2, 2020 The resulting difference between book value and the value implied by the purchase price in the amount of $120,000 is entirely attributable to equipment with an original life of 15 years and a remaining useful life, on January 2, 2020, of 10 years Required Prepare the December 31 consolidated financil statements workpaper entries for 2020 and 2021 to allocate and depreciate the difference between book value and the value implied by the purchase price, recording accumulated depreciation as a separate balance Please show work Workpaper Entries LO 1 Park Company acquires an 85 interest in Sunland Company on January 2, 2020 The resulting difference between book value and the value implied by the purchase price in the amount of $120,000 is entirely attributable to equipment with an original life of 15 years and a remaining useful life, on January 2, 2020, of 10 years Required Prepare the December 31 consolidated financil statements workpaper entries for 2020 and 2021 to allocate and depreciate the difference between book value and the value implied by the purchase price, recording accumulated depreciation as a separate balance

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EXERCISE 5-6 Workpaper Entries LO 1 Park Company acquires an 85% interest in Sunland Company on January 2, 2020. The resulting difference between book value

EXERCISE 5-6 Workpaper Entries LO 1 Park Company acquires an 85% interest in Sunland Company on January 2, 2020. The resulting difference between book value and the value implied by the purchase price in the amount of $120,000 is entirely attributable to equipment with an original life of 15 years and a remaining useful life, on January 2, 2020, of 10 years. Required: Prepare the December 31 consolidated financil statements workpaper entries for 2020 and 2021 to allocate and depreciate the difference between book value and the value implied by the purchase price, recording accumulated depreciation as a separate balance.

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Workpaper Entries LO 1 Park Company acquires an 85% interest in Sunland Company on January 2, 2020. The resulting difference between book value and the value implied by the purchase price in the amount of $120,000 is entirely attributable to equipment with an original life of 15 years and a remaining useful life, on January 2, 2020, of 10 years. Required: Prepare the December 31 consolidated financil statements workpaper entries for 2020 and 2021 to allocate and depreciate the difference between book value and the value implied by the purchase price, recording accumulated depreciation as a separate balance