The individual financial statements for Orville Company and Wilbur Company for the year ending December 31, 2018,
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Question:
The individual financial statements for Orville Company and Wilbur Company for the year ending December 31, 2018, follow. Orville acquired an 80 percent interest in Wilbur on January 1, 2017, in exchange for various considerations totaling $760,000. At the acquisition date, the fair value of the noncontrolling interest was $190,000 and Wilbur’s book value was $820,000. Any excess over book value is attributed entirely to goodwill. |
Required – |
Prepare a list of your journal entries as they would appear in your General Journal and then post the entries to the consolidation worksheet. Label your entries in your General Journal and the consolidation worksheet as appropriate. |
Related Book For
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
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