Essay
Thomas Inc. had the following stockholders' equity accounts as of January 1, 2013: 
Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2013, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over five years.
During 2013, Thomas reported earning $630,000 in net income and paid $504,000 in total cash dividends. Kuried used the equity method to account for this investment.
Prepare all consolidation entries for 2013.
Correct Answer:
Verified
Correct Answer:
Verified
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