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Peel Corporation purchased 6 0 percent of Split Products Company's shares on December 3 1 , 2 0 X 7 , for $ 2 1
Peel Corporation purchased percent of Split Products Company's shares on December X for $ At that date, the fair value of the noncontrolling interest was $ On January X Peel purchased an additional percent of Split's common stock for $ Summarlzed balance sheets for Split on the dates indicated are as follows: Split pald dividends of $ in each of the three years. Peel uses the equity method in accounting for its investment in Split and amortizes all differentials over years against the related investment income. All differentials are assigned to patents in the consolidated financlal statements. Required: a Compute the balance in Peel's Investment in Split Products Company Stock account on December X b Compute the balance in Peel's Investment in Split Products Company Stock account on December X c Prepare the consolidation entries needed as of December to complete a worksheet. Please answer PART B and C Journal entries for Part C is correct but not the amounts. Urgently needed..thank you!!!
Peel Corporation purchased percent of Split Products Company's shares on December X for $ At that date, the fair
value of the noncontrolling interest was $ On January X Peel purchased an additional percent of Split's common
stock for $ Summarlzed balance sheets for Split on the dates indicated are as follows:
Split pald dividends of $ in each of the three years. Peel uses the equity method in accounting for its investment in Split and
amortizes all differentials over years against the related investment income. All differentials are assigned to patents in the
consolidated financlal statements.
Required:
a Compute the balance in Peel's Investment in Split Products Company Stock account on December X
b Compute the balance in Peel's Investment in Split Products Company Stock account on December X
c Prepare the consolidation entries needed as of December to complete a worksheet.
Please answer PART B and C Journal entries for Part C is correct but not the amounts. Urgently needed..thank you!!!
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