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On January 1,2023 , Partnership Corporation acquired 100 percent of Success Company's net identifiable assets at underlying book value. Partnership uses the equity method in
On January 1,2023 , Partnership Corporation acquired 100 percent of Success Company's net identifiable assets at underlying book value. Partnership uses the equity method in accounting for its ownership of Success On December 31,2023, the trial balances of the two companies are as follows: Required: a. Prepare the journal entries on Partnership's books for the acquisition of Success on January 1, 2023 as well as any normal equity method entry (ies) related to the investment in Success Company during 2023. b. Prepare the consolidation entries needed as of December 31,2023, to complete a consolidation worksheet. c. Prepare a three-part consolidation worksheet as of December 31, 2023
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