Complete a consolidated worksheet for panther corporation

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Reference no: EM13950521

70%, equity, beginning and ending inventory, subsidiary seller. Refer to the preceding facts for Panther's acquisition of Snake common stock. On Jan- uary 1, 20X2, Panther held merchandise acquired from Snake for $8,000. This beginning inventory had an applicable gross pro?t of 25%. During 20X2, Snake sold $30,000 worth of merchandise to Panther. Panther held $6,000 of this merchandise at December 31, 20X2. This ending inventory had an applicable gross pro?t of 30%. Panther owed Snake $6,000 on December 31 as a result of these intercompany sales.

1. Prepare a value analysis and a determination and distribution of excess schedule for the investment in Snake.

2. Complete a consolidated worksheet for Panther Corporation and its subsidiary Snake Corporation as of December 31, 20X2. Prepare supporting amortization and income distri- bution schedules.

Reference no: EM13950521

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