Pin Corporation acquired a 90 percent interest in Sun Corporation for $360,000 cash on January 2, 2009,
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Pin Corporation acquired a 90 percent interest in Sun Corporation for $360,000 cash on January 2, 2009, when Sun had capital stock of $200,000 and retained earnings of $150,000. Sun purchased its 10 percent interest in Pin in 2010 for $80,000. The excess of Pin's investment fair value over book value acquired is due to goodwill.
Financial statements for the year ended December 31, 2013, are as follows (in thousands):
REQUIRED: Prepare a consolidation workpaper using the treasury stockapproach.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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