Company P acquired 90% of the common stock of Company S on 1/1/2020. On the date of acquisition , Company S had buildings with book value $120,000, fair value $220,000, and remaining useful life of 10 years. What amortization entry should be prepared by Company P when consolidating the financial statements for 2022 (the third year after the acquisition)? Please state whether Dr./Cr. amount for each account, or not included in the entry!   Dr. Cr. Depreciation expense     Accumulated Depreciation- Buildings     retained earning-P     retained earning- s

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.