Instructions

1. Prepare Pyr Corporation?s journal entries on July 31, 2005, to record the business com- bination with Soper Company. (Disregard income taxes.)
2. Prepareaworkingpaperelimination(injournalentryformat)andtherelatedworkingpa- per for consolidated balance sheet of Pyr Corporation and subsidiary on July 31, 2005. Amounts in the working papers should reflect the journal entries in (a). (Disregard in- come taxes.)

Hint:inventory always considered as a part of current assets

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