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Question - Parent Corporation paid $105,000 to acquire 75% of the common shares of Subsidiary Inc. on December 31, 2017. At that date, Parent Corporation also had an outstanding note payable to Subsidiary Inc. in the amount of $20,000. Assume that Parent Corporation and Subsidiary Inc. had the following account balances at December 31, 2017 (immediately after the investment):
Parent Corporation
Subsidiary Inc.
Assets:
Cash
$35,000
$15,000
Note receivable from Parent Corporation
20,000
Inventory
120,000
30,000
Investment in Subsidiary Inc.
105,000
Other assets
495,000
65,000
Total
$755,000
$130,000
Liabilities and shareholders' equity:
Accounts payable
$10,000
Note payable to Subsidiary Inc.
Common shares
500,000
90,000
Retained earnings
220,000
Required - Prepare the necessary eliminating journal entries that would appear on the December 31, 2014 worksheet for a consolidated balance sheet.
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