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please help! On January 1, 2014, Moore Corporation acquired 90 percent of the outstanding voting stock of Kirby Company in exchange for $657,000 cash. On

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On January 1, 2014, Moore Corporation acquired 90 percent of the outstanding voting stock of Kirby Company in exchange for $657,000 cash. On that date, 10 percent noncontrolling interest was assessed to have a $73,000 fair value. Purchase book value is $620,000. Also, at the acquisition date, Kirby held equipment (4-year remaining life) undervalued on the financial records by $20,000 and interest-bearing liabilities (5-year remaining life). The rest of the book valuq was assigned to previously unrecognized brandnames and amortized over a 10-year life. Each year Kirby sells Moore inventory at a 20 percent gross profit rate. Intra-entity sales were $145,000 in 2014 and $160,000 in 2015. On January 1, 2015, 30 percent of the 2014 transfers were still on hand, and on December 31, 2015, 40 percent of the 2015 transfers remained. Moore sold Kirby a building on January 2, 2014. It had cost Moore $100,000 but had $90,000 in accumulated depreciation at the time of this transfer. The price was $25,000 in cash. At that time, the building had a 5-year remaining life. Prepare elimination entries for 2015. 1Scroll up 2 Copy (ctrl C] 3Paste in answer area (ctrl V] Account Debit Credit

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