Question

Talbott Company purchased 80 percent of Short Company's stock on January 1, 20X8, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 20 percent of Short's book value. On December 31, 20X9, Short purchased 10 percent of Talbott's stock. Balance sheets for the two companies on December 31, 20X9, are as follows:


Required
Assuming that the treasury stock method is used in reporting Talbott’s shares held by Short, prepare a consolidated balance sheet worksheet and consolidated balance sheet for December 31,20X9.


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  • CreatedMay 23, 2014
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