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Thank you! workcheet? For the tooltas, press ALT+FIO (PC)...

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Accounting

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workcheet? For the tooltas, press ALT+FIO (PC) or ALT+FN+F10 (Mad. Parnt Company acquired 90\% of Son lncomorato on Jasuary 31, 20X2 in exchange for cash. The book value of Son's individual assets and liabilities approximated their acquisition-date fair valoes. On tbo date of acquisition, Son reported the following: \begin{tabular}{|c|c|} \hline Cant & 4,350,000 \\ \hline Inxentory & 100,000 \\ \hline Dant hasotin (not) & 320,000500,000 \\ \hline PropertyTotalAsaota & 5.1,270,000500,000 \\ \hline \end{tabular} current habilition Common stock fetained Earnings Total Liabilitios and Riguity 5. 120,000 : 100,000 3,1,270,0001,050,000 During the year Son Incorporme reported $310,000 in net income and declared $15,000 in dividends. Parent Company reported 5520,000 in net incorne and declared $25,000 in dividends. Parent aceounts for their investment using the equity method workcheet? For the tooltas, press ALT+FIO (PC) or ALT+FN+F10 (Mad

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