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The Determination and Distribution Schedule for the Consolidation of Petoskey

Question 19

Essay

The determination and distribution schedule for the consolidation of Petoskey (80% interest) and Sable reads in part:
?
The determination and distribution schedule for the consolidation of Petoskey (80% interest) and Sable reads in part: ? Prepare the elimination entries to distribute and amortize the excess purchase cost on a.1/1/16, the date of acquisition b.12/31/16, the end of the first year following the acquisition c.12/31/18, the end of the third year following the acquisition.
Prepare the elimination entries to distribute and amortize the excess purchase cost on
a.1/1/16, the date of acquisition
b.12/31/16, the end of the first year following the acquisition
c.12/31/18, the end of the third year following the acquisition.

Correct Answer:

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a. On date of acquisition
?
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