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  3. on january 1, 2017, patel corporation paid s 120,0

On January 1, 2017, Patel Corporation paid S 120,000 to purchase 75% of the outstanding...

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On January 1, 2017, Patel Corporation paid S 120,000 to purchase 75% of the outstanding common stock of Summer Company, which became a subsidiary of Patel. There is no control premium. Differences between book value and fair value of the net identifiable assets of Summer Company on January 1, 2016, were limited to the following Inventorny Building (net) Long-Term Debt Book Value 7,300 60,000 15,000 Fair Value 7,800 57,200 15,700 Complete the following working paper for consolidated balance sheet of Patel Corporation and subsidiary on January 1, 2016. Prepare working paper climinating entries E and R (in joumal entry format) for Patel Corporation and subsidiary on January 1, 2016 Working paper for consolidated balance sheet on date of business combination, January 1, 2017 ustments Patel Summe vestment in Summer 60,0 Accounts payable 20,000 2,800 term camings 500

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