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What is the amount needed to establish reciprocity

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Reference no: EM132707766

Problem 1: P Company purchased 80% of the outstanding common stock of S Company on May 1, 2014, for a cash payment of $318,000. S Company's December 31, 2013 balance sheet reported common stock of $200,000 and retained earnings of $180,000. During the calendar year 2014, S Company earned $210,000 evenly throughout the year and declared a dividend of $75,000 on November 1. What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated workpaper on December 31, 2014?

Reference no: EM132707766

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