Peel Corporation purchased percent of Split Products Company's shares on December for $ At that date, the fair
value of the noncontrolling interest was $ On January Peel purchased an additional percent of Split's common
stock for $ Summarized balance sheets for Split on the dates Indicated are as follows:
Split pard dividends of $ in each of the three years. Peel uses the equity method in accounting for its investment in Split and
amortizes all differentials over years against the related investment income. All differentials are assigned to patents in the
consolidated financial statements.
Requlred:
a Compute the balance in Peel's Investment in Split Products Company Stock account on December x
b Compute the balance in Peel's Investment in Split Products Company Stock account on December
c Prepare the consolidation entries needed as of December X to complete a worksheet.
Answer is complete but not entirely correct.
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Compute the balance in Peel's Investment in Split Products Company Stock account on December
