Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls i need answers for this table and for the ( Preliminary computations) 1) Parrot Corporation acquired 90% of Swallow Co. on January 1,2014 for

pls i need answers for this table and for the ( Preliminary computations)

image text in transcribed
image text in transcribed
image text in transcribed
1) Parrot Corporation acquired 90% of Swallow Co. on January 1,2014 for $27,000 cash when Swallow's stockholders' equity consisted of $10,000 of Capital Stock and $5,000 of Retained Earnings. The difference between the fair value and book value of Swallow's net assets was allocated solely to a patent amortized over 5 years. The separate company statements for Parrot and Swallow appear in the first two columns of the partially completed consolidation working papers. Required: Complete the consolidation working papers for Parrot and Swallow for the year 2014. Preliminary computations Allocation of excess fair value over book value Workpaper entries for 2014

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CIAexcel Exam Review 2018 Part 1 Internal Audit Basics

Authors: S. Rao Vallabhaneni

1st Edition

1119482569, 978-1119482567

More Books

Students also viewed these Accounting questions