Question: On January 5 2015 Alpha Inc acquired 80 of the

On January 5, 2015, Alpha Inc. acquired 80% of the outstanding voting shares of Beta Inc. for $2,000,000 cash. Following are the separate balance sheets for the two companies immediately after the stock purchase, as well as fair value information regarding Beta Inc.:

1. Prepare the entries for adjustments and eliminations required to prepare the consolidated balance sheet immediately after acquisition under the acquisition method.
2. Prepare the consolidated balance sheet immediately afteracquisition.
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  • CreatedSeptember 10, 2014
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