Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Refer to this data for questions 22 through 26. Pace Corporation puid $400,000 for an 200 , interest in Stew Corporation on Januacy 1, 20x6

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Refer to this data for questions 22 through 26. Pace Corporation puid $400,000 for an 200 , interest in Stew Corporation on Januacy 1, 20x6 when the stockholders' equity of Stew contisted of 5200 ,000 capital stock and 5120,000 retained earnings. The following assets of Stew had fair values different from their book values when Pace acquired its interest Additional information: Stews accounts payable at December 31,20x6 included 510,000 owed to Pace. Pace and Stew's finanoial statements for the year ended 12/31x8 are provided below; Pace Corporation and Subsidiary Consolidation Working Papers For the year ended December 31,208 Controlling thare of CNI 513965500 Autainest farnings Retained eamings-Pace 1/1/28: 51050 Retained earnings-Stew 1/1/8 Net income Dividends (100.0)(20.0) Retained eamings: 1231/68$144.6$1900 palance shees Totas 51,184.65910.0 Caiculate the Difference (or Excess): Pre-Calculate Goodwill Complete the following Amortization Schedule. Click Here to Download the excel file, complete the file, stwe the fide on your computer, upload the cormpleted file in the drop box below. Prepare all necessary joumal entries in the consolidated workpapers at 12/31/x8. Hint - there are 9. 1. Eliminate income from Sub 2. Create NCi share 3. Eliminate BOY baiances 4. Assign 1/1/R8 unamortized differences 5. 8. . Fecord amortization 7. -9. Eliminate intercompany transactions Complete the partially completed Contolidated Workpapers for year ended 12/31/48. Click Here to Downlond the attached excel flle, complete the file ane the file on your somputer, and uplond the saved fle in the drop box below. Files You can drag and drop files here to add them

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

Advanced Quality Auditing

Authors: Lance B. Coleman

1st Edition

087389913X, 978-0873899130

More Books

Students also viewed these Accounting questions

Question

Explain the nature of human resource management.

Answered: 1 week ago

Question

Write a note on Quality circles.

Answered: 1 week ago

Question

Describe how to measure the quality of work life.

Answered: 1 week ago

Question

Understand corporate and HRM strategy.

Answered: 1 week ago