Instructions Prepare consolidation working papers for Tom Corporation and Subsidiary for the year ended December...
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Accounting
Instructions
Prepare consolidation working papers for Tom Corporation and Subsidiary for the year
ended December 31, 2009.
Tom Corporation acquired 70 percent of the outstanding voting shares of Jerry Company for $455,000 on January 1, 2009, when Jerry's stockholders' equity at book value was $650,000. Note that the acquisition price implies that the tal fair value of Jerry is $650,000($455,000,70%). All of the assets and liabilities of Son were stated at fair values (equal to book values) when Tom acquired its 70 percent interest
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