9.Company P purchases a 100% interest in Company S for $800,000. If Company Shas Common Stock of $400,000 and APIC of $300,000, what eliminating entry would beneeded on the consolidation worksheet? If the excess paid over the book value isattributed to Company S' building, what distributing entry is needed?|

APIC is Additional Paid In Capital is the amount paid by the…

Answered: Company P purchases a 100%o interest in…

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Company P purchases a 100%o interest in Company S for $800,000. If Company

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

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.

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9.
Company P purchases a 100% interest in Company S for $800,000. If Company S
has Common Stock of $400,000 and APIC of $300,000, what eliminating entry would be
needed on the consolidation worksheet? If the excess paid over the book value is
attributed to Company S' building, what distributing entry is needed?|

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