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Question - On January 1, 2011, Pitt Company purchased 85% of the outstanding common stock of Small Company for $525,000. On that date, Small Company's stockholders' equity consisted of common stock, $150,000; other contributed capital, $60,000; and retained earnings, $210,000. Pitt Company paid more than the book value of net assets acquired because the recorded cost of Small Company's land was significantly less than its fair value.
During 2011 Small Company earned $222,000 and declared and paid a $75,000 dividend. Pitt Company used the partial equity method to record its investment in Small Company.
Required:
A. Prepare the investment related entries on Pitt Company's books for 2011.
B. Prepare the workpaper eliminating entries for a workpaper on December 31, 2011.
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