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Price Corporation acquired 1 0 0 percent ownership of Saver Company on January 1 , 2 0 X 8 , for $ 1 1 5
Price Corporation acquired percent ownership of Saver Company on January X for $ At that date, the fair value of Saver's buildings and equipment was $ more than the book value. Buildings and equipment are depreciated on a year basis. Although goodwill is not amortized, Price's management concluded at December X that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $ No additional impairment occurred in
Trial balance data for Price and Saver on December X are as follows:
tableItemPrice Corporation,Saver CompanyDebitCredit,Debit,CreditCash$ $ Accounts Receivable,InventoryLandBuildings and Equipment,Investment in Saver Company,Cost of Goods Sold,Wage Expense,Depreciation Expense,Interest Expense,Other Expenses,Dividends Declared,Accumulated Depreciation,,$ $ Accounts Payable,,Wages Payable,,Notes Payable,,Common Stock,,Retained Earnings,,SalesIncome from Saver Company,,$ $ $$
Required:
a Prepare all consolidating entries needed to prepare a threepart consolidation worksheet as of December
b Prepare a threepart consolidation worksheet for X
c Prepare a consolidated balance sheet for X
c Prepare a consolidated income statement for X
c Prepare a retained earnings statement for X
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