Chapter 18, Problem 7QS

EXERCISE 3-5 Treasury Stock Held by Subsidiary LO 8 Pool Company purchased 90% of the outstanding common stock of Spruce Company on December 31, 2019, for cash. At that time the balance sheet of Spruce Company was as follows: Required: Current assets Plant and equipment Land Total assets Liabilities Common stock, $20 par value Other contributed capital Retained earnings Total Less treasury stock at cost, 5,000 shares Total equities $1,050,000 990,000 170,000 $2,210,000 $ 820,000 900,000 440,000 150,000 2,310,000 100,000 $2,210,000 Prepare the elimination entry required for the preparation of a consolidated balance sheet workpa- per on December 31, 2019, assuming: (1) The purchase price of the stock was $1,400,000. Assume that any difference between the book value of net assets and the value implied by the purchase price relates to subsidiary land. (2) The purchase price of the stock was $1,160,000. Assume that the subsidiary land has a fair value of $180,000, and the other assets and…

I need help with this financial accounting problem using accurate calculation methods.

B2 A 1 DATE VALUE X✓ fx 2 1 3 9 4 548 56 3835 40468 VALUE B C D E F G H MEASURE Current Date (TODAY) VALUE FORMULA MEASURE VALUE FORMULA Current Time (NOW) #N/A #N/A Use E6 "Problem Date" for green cells in col. E & I Cumulative full days this year #N/A Year to date fraction (YEARFRAC) #N/A Use E6 "Problem Date" for green cells in col. E & I Month to date fraction of year #N/A 10/8/2019 Day of the week #N/A 6 Problem Date 7 Year (YEAR) 8 Date Value Fractional Date Month (MONTH) 9 40468.25 Day (DAY) 10 40468.375 11 40468.625 12 13 14 15 DATE DATA CLEANUP and MANIPULATION End of month Start of month Start of next month First day of the year #N/A #N/A #N/A #N/A #N/A #N/A #N/A TIP: Use custom date format to display as the name of the day (dddd) Name of month Workdays in current month #N/A #N/A 30 workdays (excluding weekends) from today Days between today and 30 workdays from now #N/A #N/A 16 Target $2,000 17 18 DATE REVENUE MONTH DAY OF WEEK Hit Target? MONTH DAY OF WEEK FORMULAS for…