Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. elias corporation acquired 90 percent ownership of

Elias Corporation acquired 90 percent ownership of MaPo Company on January 1,209, for $360,000. The...

80.2K

Verified Solution

Question

Accounting

image
Elias Corporation acquired 90 percent ownership of MaPo Company on January 1,209, for $360,000. The fair value of the NCl was $40,000 on that date. The adjusted trial balance for the two companies on December 31, 20x9, are as follows: Additional Information: 1. The fair values of all of MaPo's assets and liabilities were equal to their book values except for the following: 2. Assume that on the date of acquisition MaPo's buildings \& equipment had an estimated remaining life of 10 years and that the bonds payable would mature in 5 years. Also assume that all imventory was sold in 209. 3. Detailed analysis of receivables and payables showed that MaPo owed Elias $10,000 on December 31,209. Required: a. Give all journal entries recorded by Elias with regard to its investment in MaPo during 2009. b. Give all consolidating entries needed to prepare a full set of consolidated financial statements for 209. c. Prepare a three-part consolidation worksheet as of December 31, 20009

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students