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Instructions Prepare consolidation working papers for Tom Corporation and Subsidiary for the year ended December...

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Accounting

Instructions

Prepare consolidation working papers for Tom Corporation and Subsidiary for the year

ended December 31, 2009.

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Tom Corporation acquired 70 percent of the outstanding voting shares of Jerry Company for $455,000 on January 1, 2009, when Jerry's stockholders' equity at book value was $650,000. Note that the acquisition price implies that the tal fair value of Jerry is $650,000($455,000,70%). All of the assets and liabilities of Son were stated at fair values (equal to book values) when Tom acquired its 70 percent interest

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