Reference no: EM132958751
Question - On January 1, 2019, ATA Company purchased 25% of the ordinary share of Passim Company by issuing 10000 par value $10, and fair market$25, paid direct fees and cost 5000, and indirect 1200 $. On this date, Passim had total owners' equity of $800,000 consisting of $200,000 in ordinary share, $500,000 premium, and $100,000 in retained earnings. Inventory undervalued 15000, equipment undervalued 50,000 with useful life 10 years and building undervalued 60,000 for 20 year. In 31/12/2019 net income was 50000, and dividend 20000, in 31/12/2020income was 70000 dividend 40000.
Required -
1- Prepare table of allocation and amortization at 1/1/2019, 31/12/2019, and 31/12/2020?
2- Journalize parent entries from 01/01/2019 until 31/12/2020?
3- Journalize the elimination entry for working paper?
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