Essay
Parrot Corporation acquired 90% of Swallow Co.on January 1,2011 for $27,000 cash when Swallow's stockholders' equity consisted of $10,000 of Capital Stock and $5,000 of Retained Earnings.The difference between the fair value and book value of Swallow's net assets was allocated solely to a patent amortized over 5 years.The separate company statements for Parrot and Swallow appear in the first two columns of the partially completed consolidation working papers.
Required:
Complete the consolidation working papers for Parrot and Swallow for the year 2011.
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