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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 Peel purchased an additional percent of Split's common stock for $ Summarized balance sheets for Spllt on the dates Indlcated are as follows: Split paid dividends of $ in each of the three years. Peel uses the equity method in accounting for Its Investment ir $ plit and amortizes all differentials over years against the related investment Income. All differentials are assigned to patents in the consolidated financial statements. Required: a Compute the balance in Peel's Investment in Split Products Company Stock account on December b Compute the balance in Peel's Investment in Split Products Company Stock account on December c Prepare the consolidation entries needed as of December X to complete a worksheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the consolidation entries needed as of December to complete a worksheet. Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. tableNoEvent,Accounts,,Debit,CreditACommon stock,ExRetained eamings,QEInvestment in Split Products Company,BInvestment in Split Products Company,Amortization expense,
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 Peel purchased an additional percent of Split's common stock for $ Summarized balance sheets for Spllt on the dates Indlcated are as follows:
Split paid dividends of $ in each of the three years. Peel uses the equity method in accounting for Its Investment ir $ plit and amortizes all differentials over years against the related investment Income. All differentials are assigned to patents in the consolidated financial statements.
Required:
a Compute the balance in Peel's Investment in Split Products Company Stock account on December
b Compute the balance in Peel's Investment in Split Products Company Stock account on December
c Prepare the consolidation entries needed as of December X to complete a worksheet.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Prepare the consolidation entries needed as of December to complete a worksheet.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
tableNoEvent,Accounts,,Debit,CreditACommon stock,ExRetained eamings,QEInvestment in Split Products Company,BInvestment in Split Products Company,Amortization expense,
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