ACC 407 W3 Assignment Consolidation Problems
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Description
"Consolidation Problems"
Theresa M. Odom
ACC 407
Instructor Bruce Geddes
December 18, 2014
Consolidation Problems
P5-38)Comprehensive Problem: Differential Apportionment
Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20X7, for 173,000. At that date, the fair value of the non-controlling interest was 43,250. The trial balances for the two companies on December 31, 20X7, included the following amounts:
Item
Mortar Corporation
Granite Company
Debit
Credit
Debit
Credit
Cash
38,000
25,000
Accounts Receivable
55,000
Inventory
240,000
100,000
Land
80,000
20,000
Buildings & Equipment
500,000
150,000
Investment in Granite Company Stock
202,000
Cost of Goods Sold
500,000
250,000
Depreciation Expenses
25,000
...
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