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Complete the consolidation working papers for the year

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Question - Puddle Corporation acquired all the voting stock of Soggi Company for $500,000 on January 1, 2014 when Soggi had Capital Stock of $300,000 and Retained Earnings of $150,000. The book value of Soggi's assets and liabilities were equal to the fair value except for the plant assets. The entire cost-book value differential is allocated to plant assets and is fully depreciated on a straight-line basis over a 10-year period.

Required -

1. Record the elimination entry in 31/12/2014.

2. Complete the consolidation working papers for the year ended December 31, 2014.

Reference no: EM132923999

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