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Consolidation Worksheet and Entries
Additional Information:
Point 1: On January 1, 20X5 the fair market value of S's assets equaled their book value with the exception of Plant Assets (with an estimated economic life of six years), which had a fair market value in excess in S's depreciable assets of $33,000.
Point 2: J used the equity method in accounting for its investment in S.
Point 3: Detailed analysis of receivables and payables showed that S owed J $10,000 on December 31, 20X5.
Required:
Question 1: Give all journal entries recorded by J with regard to its investment in S during 20X5.
Question 2: Give all consolidating entries needed to prepare a full set of consolidated financial statements for 20X5.
Question 3: Prepare a three-part consolidation worksheet as of December 31, 20X5.
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