Multiple Choice
On December 31,20X8,Pancake Company acquired controlling ownership of Syrup Company.A consolidated balance sheet was prepared immediately.Partial balance sheet data for the two companies and the consolidated entity at that date follow:
During 20X8,Pancake Company provided consulting services to Syrup Company and has not yet paid for them.There were no other receivables or payables between the companies at December 31,20X8.
-Based on the information given,what percentage of Syrup Company's shares were acquired by Pancake Company?
A) 100 percent
B) 60 percent
C) 80 percent
D) 75 percent
Correct Answer:
Verified
Correct Answer:
Verified
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