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Q 1 ) P Corporation acquired 1 0 0 percent of S Company's outstanding common stock on January 1 , 2 0 2 2 ,
Q P Corporation acquired percent of S Company's outstanding
common stock on January for $ cash. S reported net assets
with a book value of $ at that time. Some of assets had fair values
that differed from book values as follows:
Any goodwill is considered to have an indefinite life with no impairment
charges during the year. Following are financial statements at the end of
the first year for these two companies prepared from their separately
maintained accounting systems.
Required:
aprepare elimination entries at
b Show how computed the $ income of balance.
c Using the preceding information, prepare a consolidation worksheet
for these two companies as of December
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