Assume that Seiden Company gains control of Rimco, its subsidiary, with the purchase of a...
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Assume that Seiden Company gains control of Rimco, its subsidiary, with the purchase of a 40% interest paid in cash. The Equity Investment account reports a balance of $75,000 on the acquisition date and represents a 30% interest in Rimco. The total value of Rimco on the acquisition date is $300,000 (assume no premium for control). The journal entry to record the acquisition includes: p339 Answer: Gain on revaluation of Rimco, credit, $15,000
please show me the entire entry and works
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