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Please help me figure this one out On February 1,2024 , Waterway Company purchased 95% of the outstanding common stock of Karen Company and 85%
Please help me figure this one out
On February 1,2024 , Waterway Company purchased 95% of the outstanding common stock of Karen Company and 85% of the outstanding common stock of Paul Company. Immediately before the two acquisitions, balance sheets of the three companies were as follows: Give the book entries to record the two acquisitions in the accounts of Waterway Company. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Prepare a consolidated balance sheet workpaper immediately after acquisition. (Round answers to 0 decimal places, e.g. 125.) Retained Earnings Waterway Company Karen Company Paul Company Noncontrolling Interest Total Liabilities and Equity 102,800 6,600 (8,800) \begin{tabular}{l} $202,600 \\ \hline \end{tabular} Prepare a consolidated balance sheet at the date of acquisition for Waterway Company and its subsidiaries. (Round answers to 0 decimal places, e.g. 125. List assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment.) WATERWAY COMPANY AND SUBSIDIARIES Consolidated Balance Sheet February 1, 2024 Assets $ $ Liabilities and Stockholders' Equity $ $ $Step by Step Solution
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