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Pint acquired the shares of Saloon Company on January 1 , 2 0 X 8 . On December 3 1 , 2 0 X 8
Pint acquired the shares of Saloon Company on January X On December X assume Pint sold inventory to Saloon during for $ and Saloon sold inventory to Pint for $ Pint's balance sheet contains inventory items purchased from Saloon for $ The items cost Saloon $ to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $ that Pint had produced for $ Assume Saloon reported net income of $ and dividends of $ Required: a Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Do not round intermediate calculations. Consolidation Worksheet Entries A B Record the basic consolidation entry. Note: Enter debits before credits. tableEntryAccounts,Debit,Credit b Prepare a consolidated balance sheet worksheet as of December Note: Do not round intermediate calculations. Values in the first two columns the "parent" and "subsidiary" balances that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.
Pint acquired the shares of Saloon Company on January X On December X assume Pint sold inventory to Saloon during for $ and Saloon sold inventory to Pint for $ Pint's balance sheet contains inventory items purchased from Saloon for $ The items cost Saloon $ to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $ that Pint had produced for $ Assume Saloon reported net income of $ and dividends of $
Required:
a Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Do not round intermediate calculations.
Consolidation Worksheet Entries
A
B
Record the basic consolidation entry.
Note: Enter debits before credits.
tableEntryAccounts,Debit,Credit
b Prepare a consolidated balance sheet worksheet as of December
Note: Do not round intermediate calculations. Values in the first two columns the "parent" and "subsidiary" balances that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.
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