Question: Use the same data provided in Exercise 8 6 with the

Use the same data provided in Exercise 8-6, with the exception that Pace Company purchased the additional shares from Sime Company on January 1, 2011, at a price of $1.30 per share rather than $1.50.

A. Prepare the journal entry on Pace Company’s books to record the purchase of the additional shares on January 1, 2011.
B. Prepare the eliminating entries needed for the preparation of a consolidated statements workpaper on December 31, 2011.

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