Question: Can someone please answer this question provided below the question. I am having trouboe consolidating the infomation. and by question i mean can someone provide

Question 10 15 pts On January 1, 20x7. Plimsol Company acquired 100 percent of Shipping Corporation's voting shares, at underlying book value. Plimsol uses the cost method in accounting for its investment in Shipping. Shipping's reported retained earnings of $75,000 on the date of acquisition. The trial balances for Plimsol Company and Shipping Corporation as of December 31, 20X8, follow: Plimsol Co. Debit Credit 160.000 Shipping Corp. Del Credit $ 115.000 $ 180.000 135.000 125.000 85.000 60.000 20.000 15.000 Item Current Assets Depreciable Assets (net) Investment in Shipping Corp Other Expenses Depreciation Expense Dividends Declared Current Liabilities Long-Term Debt Common Stock Retained 30.000 15.000 20,000 5.000 50.000 000 50,000 100.000 16 MacBook Air 6 7 Dalances To Pilmsor Company and Shipping Corporation as of December ST. LUXB, Tollow Plimsol Co. Debit 160,000 $ Shipping Corp. Debit Credit $ 115,000 135,000 180.000 125.000 85.000 60.000 20.000 15.000 30,000 15,000 Item Current Assets Depreciable Assets (net) Investment in Shipping Corp. Other Expenses Depreciation Expense Dividends Declared Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Dividend Income $ 25,000 $ 20,000 75.000 50,000 100.000 50,000 210,000 100,000 120,000 175.000 15,000 5 600.000 3600.000 $ 340,000 $340,000 Provide all consolidating entries required to prepare a full set of consolidated statements for 20X8
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
