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Question - On January 1, 2020, Porter Company purchased an 80% interest in Salem Company for $260,000. On this date, Salem Company had common stock of $207,000 and retained earnings of $130,500.
An examination of Salem Company's balance sheet revealed the following comparisons between book and fair values:
Book Value
Fair Value
Inventory
$30,000
$35,000
Other current assets
50,000
55,000
Equipment
300,000
350,000
Land
200,000
Required -
A. Determine the amounts that should be allocated to Salem Company's assets on the consolidated financial statements workpaper on January 1, 2020.
B. Prepare the January 1, 2020, consolidated financial statements workpaper entries to eliminate the investment account and to allocate the difference between book value and the value implied by the purchase price.
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