Essay
On January 2, 2014, Power Incorporated paid $630,000 for a 90% interest in Smallsen Company. Smallsen's equity at that time amounted to $600,000, and their book values for assets and liabilities recorded approximated their fair values. Smallsen did not issue any additional stock in 2014. At December 31, 2014, the two companies' balance sheets are summarized as follows:
Required: Complete the consolidation worksheet for Power Incorporated and Subsidiary at December 31, 2014.
Correct Answer:
Verified
Correct Answer:
Verified
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