Question

This problem is a continuation of P5-37. Amber Corporation acquired 60 percent ownership of Sparta Company on January 1, 20X8, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of Sparta Company. Trial balance data at December 31, 20X9, for Amber and Sparta are as follows:


Additional Information
Sparta purchased stock of Row Company on January 1, 20X8, for $30,000 and classified the investment as available-for-sale securities. The value of Row’s securities increased to $40,000 and $44,000, respectively, at December 31, 20X8, and 20X9.

Required
a. Give all elimination entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9.
b. Prepare a three-part consolidation worksheet for 20X9 in goodform.


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  • CreatedMay 23, 2014
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