Question

The trial balance data presented in Problem P6-34 can be converted to reflect use of the cost method by inserting the following amounts in place of those presented for Randall Corporation:
Investment in Sharp Company Stock...... $280,000
Retained Earnings.............. 329,900
Income from Subsidiary............ 0
Dividend Income.............. 20,000
In P6-34



Required
a. Prepare the journal entries that would have been recorded on Randall's books during 20X7 under the cost method.
b. Prepare all elimination entries needed to complete a consolidation worksheet as of December 31, 20X7, assuming Randall uses the cost method.
c. Complete a three-part consolidation worksheet as of December 31,20X7.


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  • CreatedMay 23, 2014
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