Pack Corporation acquired 70% of the outstanding voting shares of Sun Company for $455,000 on January 1,

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Question:

Pack Corporation acquired 70% of the outstanding voting shares of Sun Company for $455,000 on January 1, 2008, when Sun’s stockholders’ equity was $650,000. All of the assets and liabilities of Sun were stated at their fair values when Pack acquired its 70% interest. Prepare the consolidation working papers for Pack Corporation and Sun Company for 2008. Prepare a consolidated income statement and a consolidated balance sheet for Pack Corporation and Sun.