Question

Trial balances for Phan Company and its subsidiary Sato Company on December 31, 2010, are as follows:


Phan Company acquired its investment in Sato Company through open-market purchases of stock as follows:


Any difference between implied and book values of the interest acquired relates to Sato Company land, which is included in Other Assets. Sato Company issued 40,000 shares of stock on July 1, 2006, its date of incorporation. No other capital stock transactions were undertaken by Sato Company after that time.

Required:
Prepare a consolidated financial statements workpaper for Phan Company and its subsidiary
Sato Company on December 31,2010.


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  • CreatedMarch 13, 2015
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