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What are the eliminating entries

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Question - Pop paid $516,000 for 80% of the stock of Son on 1/1/X1 when Son's Stockholders equity consisted of $500,000 and 100,000 of Retained Earnings. The following assists and liabilities of Son had book values different from their face value:

Inventory BV 60,000 FV 70,000 sold in X1

Equipment BV 50,000 FV 90,000 life of 8 years on X1

Building BV 70,000 FV 40,000 life of 12 years

Notes Payable BV 50,000 FV 40,000 life of 4 years

What are the eliminating entries in Year 3?

Reference no: EM132427953

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