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Prepare a consolidation worksheet on the acquisition date

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Reference no: EM132316715

Question :

On January 1, 20X8, when the book value of Snoopy% net assets was equal to $300,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of January 1, 20X8, are as follows:

Required

a. Prepare the journal entry on Peanuts books for the acquisition of Snoopy on January 1, 20X8.

b. Prepare a consolidation worksheet on the acquisition date, January 1, 20X8, in good form.

Reference no: EM132316715

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