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Using the information from question 2, make the assumption you are preparing the consolidation worksheet for December 31, Year 20. Prepare the following journal entries.
Using the information from question 2, make the assumption you are preparing the consolidation worksheet for December 31, Year 20. Prepare the following journal entries. a) Eliminate S Corp's Shareholders' Equity and setup any goodwill and acquisition differential at the start of year 20. b) Set up NCI at the start of year 20. c) Record any amortization adjustment for year 20. d) Record the entry related to profits in beginning inventory. e) Record the entry to adjust beginning Retained Earnings from the cost method to the equity method. Using the information from question 2, make the assumption you are preparing the consolidation worksheet for December 31, Year 20. Prepare the following journal entries. a) Eliminate S Corp's Shareholders' Equity and setup any goodwill and acquisition differential at the start of year 20. b) Set up NCI at the start of year 20. c) Record any amortization adjustment for year 20. d) Record the entry related to profits in beginning inventory. e) Record the entry to adjust beginning Retained Earnings from the cost method to the equity method
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