Pound Manufacturing Corporation prepared the following balance sheet as of January 1, 20X8:

The company is considering a 2-for-1 stock split, a stock dividend of 4,000 shares, or a stock dividend of 1,500 shares on its $10 par value common stock. The current market price per share of Pound stock on January 1, 20X8, is $50. Quick Sales Corporation acquired 68 percent of Pound's common shares on January 1, 20X4, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 32 percent of Pound's book value.

Give the investment elimination entry required to prepare a consolidated balance sheet at the close of business on January 1, 20X8, for each of the alternative transactions under consideration byPound.

  • CreatedMay 23, 2014
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