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2. Prepare consolidation entries in general journal form as of January 1, 2023, i.e.,...

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Accounting

2. Prepare consolidation entries in general journal form as of January 1, 2023, i.e., immediately after the acquisition. Please refer to photos.
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On January 1, 2023, Parent Corporation exchanged $600,000 cash for 100 percent of the outstanding voting stock of Subsidiary Corporation. Parent plans to maintain Subsidiary as a wholly owned subsidiary with separate legal status and accounting information systems. At the date of acquisition, the book value of Subsidiary's net assets equaled fair market value except for the following: Any excess of price paid is goodwill. Immediately after closing the transaction, Parent and Subsidiary prepared the following post acquisition balance sheets from their separate financial records

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