On the purchase date some of Gary Corporation's assets were recorded at book value, not...
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Accounting
On the purchase date some of Gary Corporation's assets were recorded at book value, not consistent 2. Prepare a determination and distribution of excess schedule. Price paid for investment in subsidiary Less book value of interest purchased: Common stock Paid-in-capital in excess of par Retained earnings Total stockholders' equity Ownership interest Excess of cost over book value Adjustments: Inventory Land Building Equipment Goodwill Total adjustments Yankee Corporation acquired 80% of the outstanding stock of Gary Corporation in December 31,2019 for $735,000 cash. The acquisition occurred on the last day of the fiscal year for both companies. Yankee paid an additional $15,000 in direct acquisition costs to consumate the purchase. The following balance sheet of the parent and subsidiary were prepared immediately subsequent to the investment
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