Question: Using the data given in Problem 4 16 prepare a workpaper
Using the data given in Problem 4-16, prepare a workpaper for the preparation of consolidated financial statements at December 31, 2009, assuming that Satin Company’s revenue and expense accounts are included in the consolidated income statement from the date of acquisition only. (Assume the partial-year reporting alternative.) (Round to the nearest dollar.)
Answer to relevant QuestionsA consolidated income statement for 2011 and comparative consolidated balance sheets for 2010 and 2011 for P Company and its 80% owned subsidiary follow:P COMPANY AND SUBSIDIARYConsolidated Income Statementfor the Year Ended ...P Company acquired a 100% interest in S Company. On the date of acquisition the fair value of the assets and liabilities of S Company was equal to their book value except for land that had a fair value of $1,500,000 and a ...Pace Company purchased 20,000 of the 25,000 shares of Saddler Corporation for $525,000. On January 3, 2011, the acquisition date, Saddler Corporation’s capital stock and retained earnings account balances were $500,000 and ...On January 1, 2010, Piper Company acquired an 80% interest in Sand Company for $2,276,000. At that time the capital stock and retained earnings of Sand Company were $1,800,000 and $700,000, respectively. Differences between ...Cross-Reference FASB Statement No. 142 changed the guidance for goodwill and other intangibles. List all the topics in the Codification where this information can be found (i.e., ASC XXX).
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