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On January 1, 2013, Porter Company purchased an 80% interest in the common stock of Salem Company for $850,000. At that time, Salem Company had
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(a)Present the eliminating/adjusting entries needed on the consolidated worksheet for the year ended December 31, 2013.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
2013 | |||
(To eliminate intercompany dividends and equity income) | |||
(To eliminate investment account and create noncontrolling interest account) | |||
(To allocate the difference between implied and book value) | |||
(To record depreciation) |
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