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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)
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