Consolidated Work Sheet
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Solution Summary
This solution provides journal entries to record the purchase of Kaltop's (or a subisidary's) stock; journal entries to record the income of the subsidiary and the investment of the subsidiary; as well as the elimination entries for the consolidated worksheet using the equity method.
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Let me start first by saying that I am to assume that what you need is verification as to whether or not your answers to the questions given are correct and more explanation as to how to arrive at each answer. Now as you should know by this, consolidated financial statements are a combined set of financial statements of a parent and its subsidiary. Whenever a company (parent) decides to take over or acquire part of another company (subsidiary) it is required that their financial statements be consolidated. This investment may be accounted for in three ways; either by the equity ...
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