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I need Help creating a consolidated Income statement with all work shown On January 1st 2019 The Voldomort and Potter Companies had the following balance
I need Help creating a consolidated Income statement with all work shown
On January 1st 2019 The Voldomort and Potter Companies had the following balance sheets Voldomort Cash 2000000 inventory 1000000 building 1000000 accumulated dep. Build -400000 equipment 1000000 accumulated dep. Equip -20000 total assets 4580000 Potter 100000 100000 50000 -20000 80000 -40000 270000 accounts payable 1000000 70000 common stock $1 par additional paid in capita retained earnings 580000 2000000 1000000 100000 50000 50000 On January 2nd Voldomort purchased 90% of the outstanding shares of Potter Company for $400,000 On January 2nd Potters equipment was worth 25000 and its building was worth $70000 All other assets and liabilites of Potter have book values equal to fair market values create a consoldidated income statement a On January 1st 2019 The Voldomort and Potter Companies had the following balance sheets Voldomort Cash 2000000 inventory 1000000 building 1000000 accumulated dep. Build -400000 equipment 1000000 accumulated dep. Equip -20000 total assets 4580000 Potter 100000 100000 50000 -20000 80000 -40000 270000 accounts payable 1000000 70000 common stock $1 par additional paid in capita retained earnings 580000 2000000 1000000 100000 50000 50000 On January 2nd Voldomort purchased 90% of the outstanding shares of Potter Company for $400,000 On January 2nd Potters equipment was worth 25000 and its building was worth $70000 All other assets and liabilites of Potter have book values equal to fair market values create a consoldidated income statement a
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