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Prepare the working paper elimination entries e and r

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Question - Ping Corporation paid $371,000 cash for 70% of the outstanding common stock of Spring Company on January 1, 2021. There was no control premium and the fair value of the non-controlling interest was $159,000 on January 1, 2021. Differences between book value and fair value of the net identifiable assets of Spring Company on January 1, 2021, were limited to the following:

 

Book value

Fair value

Inventories

$20,000

$18,000

Building (net)

180,000

195,000

Required - Prepare the working paper elimination entries E and R (in journal entry format) for Ping Corporation and subsidiary on January 1, 2021.

Reference no: EM133125242

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