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On January 1, 2008, ABC Company obtained 80% of XYZ Company's common stock and 40% of its non-voting, cumulative preferred stock.  Consideration transferred by ABC was $1,200,000 for the common and $124,000 for the preferred.  Any excess acquisition-date fair value over book value is considered patents and amortized over 10 years. 

The capital structure of XYZ immediately previous to the acquisition is:

Common stock, $10 par value                            $500,000
Preferred Stock, 6% cumulative, $10 par value     $300,000
Additional paid-in capital                                     $200,000
Retained earnings                                              $500,000
Total Stockholders' Equity                                 $1,500,000.00

Create an allocations schedule and S&A consolidation journal entry for the December 31, 2008 consolidation worksheet.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M910223

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