Working Paper Using the Equity Method of Accounting
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Modern Advanced Accounting
Publisher: McGraw-Hill/Irwin; 10 edition
ISBN-10: 0073211591
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Solution Summary
This solution contains the Balance of Intercompany Investment Income Ledger account and balance of Investment in Scate Company Common Stock ledger account on June 30, 2006.
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Started the problem but I'm having trouble with it and I don't know if the work I did is correct or not.
On July 1, 2005, Parson Corporation acquired all of the outstanding common stock of Scate Company for $900,000. On that date, the carrying amount of Scate's identifiable net assets was $800,000. The difference of $100,000 was allocated as follows:
Inventories (first-in, first- out cost) $ 20,000
Plant assets (net) (economic life 8 years) ...
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