a.
Introduction: Consolidation is the process of accounting where the books of the parent company are reported along with the books of the subsidiary company in consolidated/combined form after making necessary
b.
Introduction: Consolidation is the process of accounting where the books of the parent company are reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation. Whereas depreciation is a term used to define the decrease in value of an asset due to its wear and tear with time or due to obsolescence.
To Calculate: Journal entry that S Co. recorded for the receipt of assets and issuance of common stock to P Co.

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Chapter 1 Solutions
ADV.FIN.ACCT. CONNECT+PROCTORIO PLUS
- Sophia and James work as sales associates. Sophia receives a weekly wage of $280 plus a commission of $0.08 per pound on goods sold. In one week, Sophia sold goods worth $2,200. The following are deductions from her gross earnings: Pension contribution of 6.5% of gross earnings Income tax deduction of $55 Calculate Sophia's net earnings for the week. A) $370.60 B) $375.10 C) $382.60 D) $390.25arrow_forwardWhat is the target costarrow_forwardSubject: financial accountingarrow_forward