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Problem - Serena Company has 350,000 shares of $9 par value of common stock outstanding at all times and on balance retained earnings as shown here:
Retained Earnings
January, 1, 2013
$260,000
January, 1, 2014
540,000
January, 1, 2015
630,000
January, 1, 2016
820,000
Peter Company acquires the shares of Serena Company through an open market purchase as follows:
Date
%Acquired
Shares
Cost
1/1/13
10%
30,000
$365,000
1/1/14
25%
75,000
960,000
1/1/15
45%
135,000
1,890,000
Serena's company declared no dividends during this period. Fair value of Serena's assets and liabilities Companies roughly equal their book value throughout this period (2013 to 2015). Peter Company uses the cost method.
Required -
1. Keep a schedule for comparing the cost of investing to the book value of the equity earned.
2. Keep an elimination journal for the preparation of a consolidated report working paper as of December 31, 2015?
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