Prepare consolidation workpapers for Pop Corporation and Subsidiary for 2016. Pop Corporation...
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Accounting
Prepare consolidation workpapers for Pop Corporation and Subsidiary for 2016.
Pop Corporation acquired 70 percent of the outstanding voting stock of Son Corporation for $182,000 cash on January 1,2016, when Son's stockholder' equify was $260,000. All the assets and liabilies of Son were stated at tair values (equal to book values) when Pop acquired its 70 percent interest. Financial statements of the two corporations at and for the year ended December 31, 2016, are summarized as follows (in thousands): Required 1. Prepare consolidation workpapers for Pop Corporation and Subsidiary for 2016. 2. Prepare a consolidated income statement and a consolidated balance sheet for Pop Corporation and Subsidiary
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