Assignment 3 CLO 4 Pee Company acquired 80% in See Company for $800,000 on Jan 1,...

 

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Assignment 3 CLO 4 Pee Company acquired 80% in See Company for $800,000 on Jan 1, 2019, when See had $700,000 capital stock and $200,000 retained earnings. The excess of fa ir over book value relates to the goodwill. • Pee acquired 60% in Bee for $240,000 on Jan 1, 2019, when Bee had $250,000 ca pital stock and $50,000 retained earnings. See acquired 40% in Bee on Jan 1, 201 9 for $80,000, when Bee had $100,000 capital stock and $20,000 retained earning s. The excess of fair over book value relates to goodwill. . During 2018, Pee Company sold goods to See Company at a profit of $30,000. Th is merchandise was sold during 2019. • Bee Company sold merchandise that had cost $180,000 to See Company for $20 0,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financia I statements for the year ended December 31, 2019. Assignment 3 CLO 4 Pee Company acquired 80% in See Company for $800,000 on Jan 1, 2019, when See had $700,000 capital stock and $200,000 retained earnings. The excess of fa ir over book value relates to the goodwill. • Pee acquired 60% in Bee for $240,000 on Jan 1, 2019, when Bee had $250,000 ca pital stock and $50,000 retained earnings. See acquired 40% in Bee on Jan 1, 201 9 for $80,000, when Bee had $100,000 capital stock and $20,000 retained earning s. The excess of fair over book value relates to goodwill. . During 2018, Pee Company sold goods to See Company at a profit of $30,000. Th is merchandise was sold during 2019. • Bee Company sold merchandise that had cost $180,000 to See Company for $20 0,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financia I statements for the year ended December 31, 2019.

Answer rating: 100% (QA)

Pee Company Consolidated Financial Statements For the year ended December 31 2019 ... View the full answer