Provide the entries made by pas on january

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Reference no: EM132694760

Pas Corporation acquired 80 % of Sel Corporation's common stock on January 1,2009 for $ 240,000 cash

The stockholders'equity of Sel at this time consisted of $ 150,000 capital stock and $ 50,000 retained earnings
The difference between the price paid by Pas and the underlying equity acquired in Sel was due to a building overvalued by $10,000 with 20 year useful life, equipment undervalued by $ 20,000 useful life 10 years,
Land undervalued by $ 50,000 and the remainder to unrecorded patent with a 20-year life. Straight line depreciation is used

Required

Problem 1) Provide the entries made by Pas on January 1, 2009 and subsequently for the year. To be done on separate worksheet - investor entries

Problem 2) Provide the consolidation entries /elimination entries at December 31, 2009. To be done on separate worksheet- elimination entries

Reference no: EM132694760

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