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I need some assistance with the following questions a - e . Punk Corporation purchased 9 0 percent of Soul Company's voting common shares on
I need some assistance with the following questions ae
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:
Required:
a Prepare the journal entry or entries for on Punk's books related to its investment in Soul Common 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 on Soul's books related to its bonds payable.
d Prepare the consolidation entries needed to complete a consolidated worksheet for
e Prepare a threepart consolidated worksheet for
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