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On January 1 , 2 0 X 8 , Pierce Corporation acquired 9 0 percent of Sharp Company's voting stock, at underlying book value. The
On January X Pierce Corporation acquired percent of Sharp Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to percent of the book value of Sharp at that date. The amount of accumulated depreciation to eliminate is $ Pierce uses the equity method in accounting for its ownership of Sharp. On December the trial balances of the two companies are as follows:
tablePierce Company,Sharp CorporationDebit,Credit,Debit,CreditCurrent Assets,$$Depreciable Assets,cildaredtableInvestment in SharpCorpDepreciation Expense,Other Expenses,Dividends Declared,tableAccumulatedDepreciation$$
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