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Question - On August 31, 2019, Brown Corporation purchased 90% shares of Owen Company's common stock for $6,500,000 cash. On January 1, 2019, Owen Company had common stock of $4,500,000 and retained earnings of $1,800,000. The balance sheet information available for Owen Company on August 31, 2019, showed the following:
Book Value
Fair Value
Inventory (FIFO)
$1,300,000
$1,500,000
Equipment (net)
1,900,000
1,500,000
Land
3,000,000
The equipment had a remaining useful life of ten years. Owen Company reported $240,000 of net income in 2019 and declared $60,000 on December 1 of the year.
Required - Prepare the workpaper entries on December 31, 2019 assuming the full equity method is used.
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