Workpaper elimination entries

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Reference no: EM13516766

Workpaper Elimination Entries:

Prepare in general journal form the workpaper entries to eliminate Prancer Company"s investment in Saltez Company in the preparation of a consolidated balance sheet at the date of acquisition for each of the following independent cases:


Percent of

Investment

Salta Company Equity Balances


Common

Other Contributed

Retained

Cash

Stock Owned

Cast

Stock

Capital

Earnings

a.

100%

$351,000

$160,000

$92,000

$43,000

b.

90

232,000

190,000

75,000

(29,000)

c.

80

159,000

180,000

40,000

(4,000)

Any difference between book value of net assets and the value implied by the purchase price relates to subsidiary property plant and equipment except for case (c). In case (c) assume that all book values and fair values are the same.

Reference no: EM13516766

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