Complete the consolidation working papers

Assignment Help Accounting Basics
Reference no: EM13127252

Koel corporation acquired all the voting stock of Rain company for \$500,000 on January 1, 2005 when Rain had capital stock of \$300,000 and retained earnings of \$150,000. Rain asstes and liabilities were fairly valued expect for the plant assets. The entire cost-book differential is allocated to plant assets and is fully depreciated on a straight line basis over a 10 year period. During 2005, Koel borrowed \$25,000 on a short term non-interest bearing note from Rain, and on December 31, 2005, Koel mailed a cheque to Rain to settle the note. Rain deposited the cheque on January 5, 2006 but receipt of payment of the note was not refelected in Rain's December 31, 2005 Balance Sheet. Complete the consolidation working papers.

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