(Answered) On june 30 200x p paid 375000 cash for 100 of the common

Accounting

On June 30, 200X P paid $375,000 cash for 100% of the Common Stock of S Company. The transaction is an acquisition of wherein the acquired company is not dissolved. S Company is maintained as a separate subsidiary of P Company. It is still an entity, but in this case P Company owns all of it's stock.

A. Prepare the journal entries showing the purchase

B. Prepare a schedule showing the amount of goodwill from this purchase.

C. Prepare a consolidation worksheet showing the eliminations.

D. Prepare a consolidated balance sheet AS OF June 30, 200X using the consolidation worksheet as a basis.

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