Required: Prepare all elimination and adjustment entries that would be made on the 2020 consolidated worksheet The

Required:

Prepare all elimination and adjustment entries that would be made on the 2020 consolidated worksheet

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The trial balances of Parent and Sub for December 31, 2020 are presented below as follows: Parent Sub Current assets Depreciable Fixed Assets Accumulated Depreciation Investment in Sub & Co. Current liabilities Common Stock Retained Earnings 1/1/20 Sales Expenses Subsidiary Income Dividends Declared 55,000 400,000 -160,000 952,000 -276,000 -250,000 -345,000 -1,560,000 1,368,000 -184,000 0 633,000 340,000 -136,000 -107,000 -100,000 -410,000 -950,000 720,000 10,000 0 The trial balances of Parent and Sub for December 31, 2020 are presented below as follows: Parent Sub Current assets Depreciable Fixed Assets Accumulated Depreciation Investment in Sub & Co. Current liabilities Common Stock Retained Earnings 1/1/20 Sales Expenses Subsidiary Income Dividends Declared 55,000 400,000 -160,000 952,000 -276,000 -250,000 -345,000 -1,560,000 1,368,000 -184,000 0 633,000 340,000 -136,000 -107,000 -100,000 -410,000 -950,000 720,000 10,000 0

Answer rating: 100% (QA)

The elimination and adjustment entries that would be made on the 2020 consolidated worksheet are as ... View the full answer