Suppose that a control premium was included in the 85 interest acquired by Scost, and that a level 3 estimation of the valuation of Scott shares amounted to $80 per share (Posts purchase price of $606,560 implies a purchase price of $8920 per share) Prepare the journal entry needed to eliminate the investment account on the date of acquisition.

Answer rating: 100% (QA)

Pcosts purchases 85 of the outstanding shares ... View the full answer