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- Prepare a three-part consolidation worksheet as of December 31, 20X4. (I am needing assistance with everything in yellow, thank you!) Powder Company spent $240,000
- Prepare a three-part consolidation worksheet as of December 31, 20X4. (I am needing assistance with everything in yellow, thank you!)
Powder Company spent $240,000 to acquire all of Sawmill Corporation's stock on January 1,202. On December 31,204, the trial balances of the two companies were as follows: Sawmill Corporation reported retained earnings of $100,000 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of 10 years from the date of acquisition. Sawmill's accumulated depreciation on the acquisition date was $25,000. At December 31,20X4, Sawmill owed Powder $2,500. Powder Company spent $240,000 to acquire all of Sawmill Corporation's stock on January 1,202. On December 31,204, the trial balances of the two companies were as follows: Sawmill Corporation reported retained earnings of $100,000 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of 10 years from the date of acquisition. Sawmill's accumulated depreciation on the acquisition date was $25,000. At December 31,20X4, Sawmill owed Powder $2,500
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