Prepare journal entries *G, S, A, I, D, E, and G as of Dec 31,2024...
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Accounting
Prepare journal entries *G, S, A, I, D, E, and G as of Dec 31,2024
On January 1, 2023, Pulaski, Incorporated, acquired a 60 percent interest in the common stock of Sheridan, Incorporated, for $372,000. Sheridan's book value on that date consisted of common stock of $100,000 and retained earnings of $219,900. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $248,000. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $79,300 and also had unpatented technology (15- year estimated remaining life) undervalued by $54,900. Any remaining excess acquisition-date fair value was assigned to an indefinite- lived trade name. Since acquisition, Pulaski has applied the equity method to its Investment in Sheridan account. At year-end, there are no intra-entity payables or receivables. Intra-entity inventory sales between the two companies have been made as follows: The individual financial statements for these two companies as of December 31, 2024, and the year then ended follow. Note: Parentheses indicate a credit balance
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