income statement and balance sheet

Project Description:

parrot corporation acquired 80% of hollow co. on january 1, 2011 for $24,000 cash when hollow’s stockholders’ equity consisted of $10,000 of common stock and $3,000 of retained earnings. the difference between the price paid by parrot and the underlying equity acquired in hollow was allocated solely to a patent amortized over 10 years. the separate company statements for parrot and hollow appear in the first two columns of the partially completed consolidation working papers.
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