Reference no: EM132452694

Consolidation Entries and Worksheet

On January 1, 20X8, C Company acquired 90 percent of S Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of S at that date. C uses the equity method in accounting for its ownership of S. On December 31, 20X8, the trial balances of the two companies are as follows (doc attached later)

Required:

Question 1: Provide all consolidating entries required as of December 31, 20X8 to prepare consolidated financial statements.

Question 2: Prepare a three-part consolidation worksheet as of December 31, 20X8.

Question 3: Use Excel formulas to make or evidence each of your calculations of all dollar amounts. Do not enter any dollar amounts directly, unless it is unavoidable for obvious reasons. Use the tab function at the bottom of the Excel file to complete the assignment.

Requirements:

• Show calculations for all questions.
• Support the writing portion of the assignment (if applicable) with credible sources.
• Use terms, evidence, and concepts from class readings, including professional business language.