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On 1/1/2020, Company XX purchased 30% of the common shares of Company Vy for $ 150,000 cash. On that date, Company YY had stockholders equity

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On 1/1/2020, Company XX purchased 30% of the common shares of Company Vy for $ 150,000 cash. On that date, Company YY had stockholders equity of $ 250,000. On 1/1/2020 Company YY had the following: a- Overvalued inventory by $ 30,000 (all sold in 2020) (Overvalued means that BV is larger than FV] b: Unrecorded copyright valued at $ 120,000 (10 years expected useful life) In 2020, Company YY had net income $ 100,000 and did not pay dividends. Required 3- Compute the goodwill for Company YY as on 1/1/2020 b- record the journal entry for the investment on 1/1/2020 in Company ZZ books c Record the journal entry on 31/12/2020 by Company XX for net income from YY d- Record the journal entry on 31/12/2020by Company XX for inventory adjustment e Record the journal entry on 31/12/2020 by Company XX for copyright amortization adjustment

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