Problem 1 Parker, Inc., acquired 10 percent of Simon Corporation on January 1,2019,...
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Accounting
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Parker, Inc., acquired percent of Simon Corporation on January for $ although Simons book value on that date was $ Simon held land that was undervalued by $ on its accounting records. During Simon earned a net income of $ while paying cash dividends of $ On January Parker purchased an additional percent of Simon for $ Simons land is still undervalued on that date, but then by $ Any additional excess cost was attributable to a trademark with a year life for the first purchase and a year life for the second. The initial percent investment had been maintained at cost because fair values were not readily available. The equity method will now be applied. During Simon reported income of $ and distributed dividends of $
Prepare all of the journal entries for Parker. Note: Credits are indicated by parentheses.
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