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Preparation of a consolidated statements workpaper

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Question - P Company purchased 90% of the common stock of S Company on January 2, 2014 for $900,000. On that date, S Company's stockholders' equity was as follows:

Common stock, $20 par value $400,000

Other contributed capital 100,000

Retained earnings 450,000

During 2014, S Company earned $200,000 and declared a $100,000 dividend. P Company uses the partial equity method to record its investment in S Company. The difference between implied and book value relates to land.

Required: Prepared, in general journal form, all eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2014.

Reference no: EM131866965

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