X Corp. Acquired 100% of common stock of Y Corp.
Posted: Sat Feb 26, 2022 2:34 pm
X Corp. Acquired 100% of common stock of Y Corp. Paying $ 2 Million in return for 50 Thousand common stock with $ 1 par value. Y Corp. realized $100 Thousand net income and paid $30 Thousand cash dividends.
Required: pass basic elimination entries in consolidation work sheet.
Answer:
Required: pass basic elimination entries in consolidation work sheet.
Answer: