Prepare the entries in journal format to record acquisition

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Reference no: EM131779489

Question: On December 31, 200X P Corporation paid $300,000 cash for 80% of the common stock of S Company which becomes a subsidiary. Following information is shown prior to the acquisition being recorded:

S market values are:

Plant $250,000

Inventory $50,000

1. Prepare the entries in journal format to record the acquisition and, post to the general ledger accounts.

2. Prepare a consolidation work paper.

3. Prepare consolidated balance sheet.

Reference no: EM131779489

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