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Question - On January 1, 2019, Plymouth Corporation purchased an 80% interest in Salem Company for $800,000. A summary of Salem's balance sheet on that date revealed the following:
Book Value
Fair Value
Receivables
$100,000
Inventory
350,000
370,000
Equipment
500,000
650,000
Land
250,000
330,000
$1,200,000
$1,450,000
Liabilities
$300,000
Common stock
Retained earnings
400,000
The equipment had an original life of 20 years and has a remaining useful life of 10 years.
Required -
A. Calculate the difference between implied and book value solve in Microsoft word please.
B. Determine the allocation of the difference between implied and book value solve in Microsoft word please.
C. For the January 1, 2019, Prepare the eliminating/adjusting entries needed on the consolidated workpaper solve in Microsoft word please.
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