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Please help and show all work. with explanation thanks On December 31, 20X8, Parkway Corporation acquired 80 percent of Street Company's common stock for $104,000
Please help and show all work. with explanation thanks
On December 31, 20X8, Parkway Corporation acquired 80 percent of Street Company's common stock for $104,000 cash. The fair value of the noncontrolling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: On that date, the book values of Street's assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and buildings and equipment, which had a fair value of $100,000. At December 31, 20X8, Parkway reported accounts payable of $15,000 to Street, which reported an equal amount in its accounts receivable. On that date, the book values of Street's assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and buildings and equipment, which had a fair value of $100,000. At December 31 , 20X8, Parkway reported accounts payable of $15,000 to Street, which reported an equal amount in its accounts receivable. Required: 1) Provide the consolidating entries needed to prepare a consolidated balance sheet immediately following the business combination. 2) Prepare a consolidated balance sheet worksheetStep by Step Solution
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