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 percent of the voting shares of Script Real Estate Company. On that, date, the fair value of the noncontrolling interest was equal to percent of Script's book value. Script Real Estate reported common stock of $ and retained earnings of $ During Post Delivery provided courier services for Script Real Estate in the amount of $ Also during Script Real Estate purchased land for $ It sold the land to Post Delivery Service for $ so that Post Delivery could build a new transportation center. Post Delivery reported $ of operating income from its delivery operations in X Script Real Estate reported net income of $ and paid dividends of $ in
Required:
a Compute consolidated net income for
Consolidated net income
b Prepare all journal entries recorded by Post Delivery Service related to its investment in Script Real Estate assuming Post fuses the fully adjusted equity method in accounting for the investment.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entrv worksheet
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