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I need help with these journal entries: Punk Corporation purchased 9 0 percent of Soul Company's voting common shares on January 1 , 2 0
I need help with these journal entries:
Punk Corporation purchased percent of Soul Company's voting common shares on January X at underlying book value. At that date, the fair value of the noncontrolling interest was equal to percent of the book value of Soul Company. Punk also purchased $ of percent, fiveyear bonds directly from Soul on January for $ The bonds pay interest annually on December The trial balances of the companies as of December X are as follows:
Note: Assume using straightline amortization of bond discount or premium.
Required:
a Prepare the journal entry or entries for on Punk's books related to its investment in Soul Company stock.
b Prepare the journal entry or entries for on Punk's books related to its investment in Soul Company bonds.
c Prepare the journal entry or entries for X on Soul's books related to its bonds payable.
d Prepare the consolidation entries needed to complete a consolidated worksheet for X
e Prepare a threepart consolidated worksheet for
Complete this question by entering your answers in the tabs below.
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Required D
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Prepare the journal entry or entries for on Punk's books related to its investment in Soul Company stock.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
A Record the dividends from Soul.
B Record the equitymethod income.
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