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show work please. prepare jrnl entries on the books. also the consolidating paper elimination entries. The working paper elimination on date of company's business combination
show work please. prepare jrnl entries on the books. also the consolidating paper elimination entries.
The working paper elimination on date of company's business combination is: Fifo inv = 10,000, Plant A= 50,000, Goodwill = 20,000, C/S $2 par= 20,000, Paid in capital= $30,000, Retained Earnings= 90,000, Investment= 220,000. Information: remaining life of the company's Plant Assets is 10 yrs with S/L depr. method. the company paid $15,000 in dividends and net income is 80,000.
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