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Please help and show work. Thanks Polka Corporation acquired 100 percent of Song Company's voting stock on January 1,204, at underlying book value. Polka uses
Please help and show work. Thanks
Polka Corporation acquired 100 percent of Song Company's voting stock on January 1,204, at underlying book value. Polka uses the equity method in accounting for its ownership of Song. On December 31, 20X4, the trial balances of the two companies are as follows: Required: a. Prepare all consolidation entries required on December 31,204, to prepare consolidated financial statements. b. Prepare a three-part consolidation worksheet as of December 31,204. Complete this question by entering your answers in the tabs below. Prepare all consolidation entries required on December 31, 20X4, to prepare consolidated financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Prepare all consolidation entries required on December 31,204, to prepare consolidated financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the basic consolidation entry. Note: Enter debits before creditsStep by Step Solution
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