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Post Delivery Service acquired at book value 80 percent of the voting shares of Script...

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Accounting

Post Delivery Service acquired at book value 80 percent of the voting shares of Script Real Estate CompanyOn that date, the fair value of the noncontrolling interest was equal to 20 percent of Script's book value. Script Real Estate reported common stock of 200,000 and retained earnings of $115,000. During 20X3, Post Delivery provided courier services for Script Real Estate in the amount of $21,000Also during 20x3, Script Real Estate purchased land for \$4,000, sold the land to Post Delivery Service for $22.000 that Post Delivery could build a new transportation centerPost Delivery reported 69,000 of operating income from delivery operations in 20x3 Script Real Estate reported net income of $ 69,000 and paid dividends of 10,500 in 20x3 Required: a.Compute consolidated net income for 20X3 b . Prepare all journal entries recorded by Post Delivery Service related to its investment in Script Real Estate assuming Post uses the fully adjusted equity method in accounting for the investment Note: If no entry is required for a transaction / event, select "No journal entry required " in the first account field. View transaction list

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