shoe owns 100% of foot in an acquisition completed 3 years ago. it is now december 31, 2012. foot has borrowed $500,000 from shoe, without interest. a, prepare the necessary consolidation worksheet entry on December 31,2012. b, assume instead that shoe had borrowed $500,000 from foot. prepare the necessary consolidation worksheet entry on december 21, 2012. c, in both parts a. and b., how much is consolidated Loans receivable and payable at decemebr 31, 2012.
shoe owns 100% of foot in an acquisition completed 3 years ago. it is now december 31, 2012. foot has borrowed $500,000 from shoe, without interest.
a, prepare the necessary consolidation worksheet entry on December 31,2012.
b, assume instead that shoe had borrowed $500,000 from foot. prepare the necessary consolidation worksheet entry on december 21, 2012.
c, in both parts a. and b., how much is consolidated Loans receivable and payable at decemebr 31, 2012.
d, in both parts a. and b. how much will show up on the individual books of shoe and foot as to Loans receivable and payable. answer by identifying whose books, the name of the account (specify part a. or b.) and the amount.
Please answer all parts
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