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show working Use the following information for Problem #5 & #6 (Based on Exercises 5.9 & 510) : Pfizer Corporation acquired an 80% interest in
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Use the following information for Problem #5 \& #6 (Based on Exercises 5.9 \& 510) : Pfizer Corporation acquired an 80% interest in Syno Corporation several years ago when the BV and FV of Syno's assets and liabilities were equal (i.e. the cost of the 80% interest was equal to 80% of the book value of Syno's net assets). Separate company income statements for the year ended December 31,2011 are shown below: During 2010, Pfizer sold merchandise that cost $120,000 to Syno for $180,000. Half of this merchandise remained in Syno's inventory at December 31, 2010. During 2011, Pfizer sold merchandise that cost $150,000 to Syno for $225, 000 One-third of this merchandise remained in Symo's December 31, 2011 inventory. Problem #5: $ Prepare a consolidated Cost of Goods Sold for Pfizer Corporation and Subsidiary for 2011 (use the grids): Problem #6: Prepare a consolidated income statement for 2011. Pfizer Corporation and Subsidiary Consolidated Income Statement For the year ended December 31, 2011 Step by Step Solution
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