Prince Corporation acquired $100$ percent of Sword Company on January $1,20$X$7,$ for $$203\mathrm{.}000.$ The trial balances for the Journal entry worksheet

B C income.

Journal entry worksheet

A

C

Record Pizza Corporation's $80\%$ share of Slice Company's $20$X$5$ dividend.

Journal entry worksheet

Record the amortization of the excess acquisition price. Prince Corporation acquired $100$ percent of Sword Company on January $1,20$X$7,$ for $$203\mathrm{.}000.$ The trial balances for the

two companies on December $31,20$X$7,$ included the following amounts:

On January $1,20$X$7,$ Sword reported net assets with a book value of $$146,000.$ A total of $$24,000$ of the acquisition

price is applied to goodwill, which was not impaired in $20$X$7.$

Sword's depreciable assets had an estimated economic life of $11$ years on the date of combination. The difference

between fair value and book value of tanglble assets is related entirely to buldings and equipment.

Prince used the equity$-$method in accounting for its Investment in Sword.

Detalled analysis of recelvables and payables showed that Sword owed Prince $$19,000$ on December $31,20$X$7.$

Required:

a$.$ Prepare all journal entries recorded by Prince with regard to its investment in Sword during $20$X$7.$

b$.$ Prepare all consolidating entries needed to prepare a full set of consolidated financial statements for $20$X$7$

c$.$ Prepare a three$-$part consolidation worksheet as of December $31,207.$ o$.$ Prepare all Journal entries recorded by Pince with regard to its investment in Sword during $20$X$7.$

A

Record Prince Corporation's share of Sword Company's $20$X$7$ income.

Record Prince Corporation's share of Sword Company's $20$X$7$ dividend. b$.$ Prepare all consolidating entries needed to prepare $\backslash$bar $($a$)$ full set of consolidated financlal statements for $207$

Record the basic consolidation entry.

A

Record the amortized excess value reclassification entry.

A

B

Record the excess value $($differential$)$ reclassification entry.

C

Record the entry to eliminate the intercompany accounts.

two companies on December $31,20$X$7,$ included the following amounts:

On January $1,20$X$7,$ Sword reported net assets with a book value of $$146,000.$ A total of $$24,000$ of the acquisition

price is applied to goodwill, which was not impaired in $20$X$7.$

Sword's depreciable assets had an estimated economic life of $11$ years on the date of combination. The difference

between fair value and book value of tanglble assets is related entirely to buldings and equipment.

Prince used the equity$-$method in accounting for its Investment in Sword.

Detalled analysis of recelvables and payables showed that Sword owed Prince $$19,000$ on December $31,20$X$7.$

Required:

a$.$ Prepare all journal entries recorded by Prince with regard to its investment in Sword during $20$X$7.$

b$.$ Prepare all consolidating entries needed to prepare a full set of consolidated financial statements for $20$X$7$

c$.$ Prepare a three$-$part consolidation worksheet as of December $31,207.$