Prepare the entries for adjustments and eliminations

Reference no: EM131792273

Question: On January 5, 2015, Alpha Inc. acquired 80% of the outstanding voting shares of Beta Inc. for $2,000,000 cash. Following are the separate balance sheets for the two companies immediately after the stock purchase, as well as fair value information regarding Beta Inc.:

Required: 1. Prepare the entries for adjustments and eliminations required to prepare the consolidated balance sheet immediately after acquisition under the acquisition method.

2. Prepare the consolidated balance sheet immediately after acquisition.

Reference no: EM131792273

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