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If you zoom in you can see it better. I apologize for it being so small. Thanks in advance CheapBeer lnc. purchased 100% of the
If you zoom in you can see it better. I apologize for it being so small. Thanks in advance
CheapBeer lnc. purchased 100% of the outstanding stock of FancyBrew lnc for purposes of horizontal consolidation and paid exist500,000 cash for the stock. The balance sheets for the two companies immediately after the acquisition are as follows: A) Complete the below Consolidation Entries for the "Consolidation & Elimination Worksheet" for this acquisition as of the date of the acquisition by entering the proper debit and credit amounts in the gray-shaded cells below. When a correct figure is entered, the cell will change color. Entry "A" Eliminate the subsidiary's equity against the parent's investment account Entry "B" Adjust the net assets of the subsidiary to Fair Market Value and offset to the investment Entry "C" Any remaining amount in the investment account gets eliminated to GoodwillStep by Step Solution
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