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Pan Corporation acquired a 75 percent interest in Saf Corporation on January 1, 2011. Financial statements of Pan and Saf Corporations for the year 2011 are as follows (in thousands):
REQUIRED:
Prepare consolidation workpapers for Pan Corporation and Subsidiary for the year ended December 31, 2011. Only the information provided in the financial statements is available; accordingly, your solution will require some standard assumptions. Saf owned unrecorded patents having a fair value of $112,000, and a useful life of 10years.
Washers, dryers, and other equipment needed to open the laundromat would cost $183,000. In addition, $1,000 in working capital would be required to purchase an inventory of soap, bleaches, and related items and to provide change for change machine..
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Weldone company applies overhead using machine hours as the allocation base, at a rate of $17 per machine hour. Job DK requires $665 worth of material, 13 hours of labor at $15 per hour and 12 machine hours. What is the cost of job DK?
Calculate the balances to be reported in the financial statements dated December 31, 2012 - valuation Allowance for Available-for-Sale securities
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