On January Payne Company bought a percent Interest In Scout Company. The acquisition price of $ reflected an assessment that all of Scout's accounts were falrly valued within the company's accounting records. During Scout reported net Income of $ and declared cash dividends of $ Payne possessed the ability to signlficantly Influence Scout's operations and, therefore, accounted for this investment using the equity method.
On January Payne acquired an additional percent Interest in Scout and provided the following falrvalue assessments of Scout's ownershlp components: Prepare a worksheet to consolidate the financial statements of these two companies as of December
At yearend, there were no intraentity receivables or payables.
Note: For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the
worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive
values.
