On June 1 0 , 2 0 X 8 , Playoff Corporation acquired 1 0 0
Question:
On June X Playoff Corporation acquired percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows:
Item Playoff Corporation Series Company
Book Value Fair Value
Cash $ $ $
Accounts Receivable
Inventory
Buildings and Equipment net
Investment in Series Company
Total $ $ $
Accounts Payable $ $ $
Bonds Payable $
Common Stock
Retained Earnings
Total $ $ $
Required:
a Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. record the basic consolidation entry? record the excess value differential reclassification entry?
Advanced Financial Accounting
ISBN: 9781260772135
13th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd